20/12/2023 - EFRAG Endorsement Status Report - Update
The endorsement by the European Commission of Amendments to IAS 1 Presentation of Financial Statements is now reflected in the Endorsement Status Report. The updated EFRAG Endorsement Status Report can be found here.
The European Union has published a Commission Regulation endorsing the followin Amendments to IAS 1 Presentation of Financial Statements:
Classification of Liabilities as Current or Non-current;
Classification of Liabilities as Current or Non-current - Deferral of Effective Date; and
Non-current Liabilities with Covenants.
The objective of the Amendments is to clarify the principles in IAS 1 for the classification of liabilities as either current or non-current. The Amendments mainly clarify the notion of settlement, specify how an entity classifies a liability arising from a loan arrangement with covenants as current or non-current, and regulate the disclosures to be provided when an entity has loan arrangements with covenants that could require the loan arrangement to become payable within twelve months after the reporting period. The Amendments become effective for annual periods beginning on or after 1 January 2024, with earlier application permitted.
Link to the publication in the Official Journal of the European Union: here.
The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'.
