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  • IFRS At a Glance as at 31 December

    International Financial Reporting Bulletin

Publikation:

IFRS Bulletin 2020-01 – IASB issues amendments to IAS 1

03. Juli 2020

Background

The International Accounting Standards Board (‘IASB’) issued Amendments to IAS 1 – Classification of Liabilities as Current or Non-current in January 2020. The amendments had originally been issued as an exposure draft in February 2015. The IASB considered the feedback received in December 2015 but in April 2016 it decided to delay the issuance of the amendments pending completion of the IASB’s project on the Conceptual Framework, which included the definition of a ‘liability’. The Board’s work on the amendments to IAS 1 restarted in September 2018 and were completed in the third quarter of 2019.

The IASB noted that these amendments are intended to be clarifications of the requirements of IFRS, rather than fundamental changes. Diversity in practice had emerged in a number of areas due to perceived inconsistencies in IAS 1, where certain paragraphs appeared to contradict one another. Therefore, depending on how IAS 1 has been interpreted in the past, the clarification of the requirements may result in significant changes to how entities classify liabilities. 



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