The International Accounting Standards Board (Board) has issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements.

Classification of Liabilities as Current or Non-current was issued in January 2020, effective for annual reporting periods beginning on or after 1 January 2022. However, in response to the Covid-19 pandemic, the Board has deferred the effective date by one year to provide companies with more time to implement any classification changes resulting from those amendments.

Classification of Liabilities as Current or Non-current is now effective for annual reporting periods beginning on or after 1 January 2023.

The IASB did not make any changes to Classification of Liabilities as Current or Non-current other than the deferral of the effective date.

More details can be found at www.ifrs.org