Classification of liabilities as current or non-current (Amendment to IAS 1) - PwC In brief
Publication date: 31 Jan 2020
The IASB issued a narrow-scope amendment to IAS 1, ‘Presentation of Financial Statements’, to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (for example, the receipt of a waiver or a breach of covenant). The amendment also clarifies what IAS 1 means when it refers to the ‘settlement’ of a liability.
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