Proposed narrow-scope amendment to IAS 1
On 19 November, the IASB published an ED, available here, of amendments to IAS 1 on the classification of liabilities with specified conditions (covenants) as current or non-current.
Keywords: Mazars, Thailand, IFRS, Exposure Draft, IAS 1
24 February 2022
The proposed amendments state that, if the right to defer settlement of a liability for at least 12 months is subject to compliance with specified conditions after the reporting period, this does not affect the liability’s classification as current or non-current. However, the entity would have to provide additional disclosures that would permit investors to assess whether the liability could become repayable within the 12 months.
The effective date of the amendments would be no earlier than 1 January 2024, although early application would be permitted under certain conditions.
The comment period for the ED is open until 21 March 2022.
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