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IASB amends IAS 1

On October 31, the IASB issued amendments to IAS 1, Presentation of financial statements, relating to non-current liabilities with covenants. The amendments clarify that the classification of a loan arrangement liability as current or non-current at the reporting date is not impacted by covenants that only require compliance after the reporting date. Classification would, however, be impacted by covenants that require compliance on or before the reporting date, even if the covenants are only assessed after the entity’s reporting date.

The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and override the amendments made to IAS 1 that were issued in January 2020. Earlier application is permitted. For additional information, refer to our global In brief.
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