The International Accounting Standards Board (IASB) issued guidance Wednesday to delay the effective date of its new amendment on classification of liabilities by one year in response to the coronavirus pandemic.
Classification of Liabilities as Current or Non-current, which amends IAS 1, Presentation of Financial Statements, was issued in January of this year. Under the new effective date, the standard now will be effective for annual reporting periods beginning on or after 1 January 2023.
The board did not make any other changes to Classification of Liabilities as Current or Non-current.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is FM magazine’s editorial director.