IFRS® Standards

Classification of Liabilities (Amend IAS 1)

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend International Accounting Standard (IAS) 1 Presentation of Financial Statements.

Staff Contact(s)

Andrew White, CPA, CA

Senior Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to April 2015

  • Approving project

    The IASB approved the project in April 2015

  • Consulting stakeholders

    IASB Exposure Draft issued in February 2015

    AcSB Exposure Draft, which corresponds to the IASB Exposure Draft, issued in March 2016

    Public outreach took place between February 2015–June 2015

    The AcSB consulted with its IFRS Discussion Group and User Advisory Council between February 2015–June 2015

  • Deliberating feedback

    The IASB resumed discussions on the proposed amendments to classification requirements in paragraphs 69–76 of IAS 1 Presentation of Financial Statements in September 2018

  • Final pronouncement

Meeting & event summaries


May 25, 2015

AcSB Decision Summary – May 25-26, 2015

The AcSB approved its response letter to the IASB’s Exposure Draft, “Classification of Liabilities (Proposed amendments to IAS 1),” subject to drafting changes.

News


June 10, 2015

News

AcSB Response – Classification of Liabilities (Proposed amendments to IAS 1)

On June 10, 2015, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in February 2015. The letter notes that there is a need to clarify the criteria for classification of a liability as either current or non-current but does not agree with the proposals as written. The letter does not support the proposed amendments because the revised wording does not provide greater clarity, represents a step backward and would result in greater diversity in practice. The letter expresses concern that attempting to address only a few issues on a narrow scope basis on a standard that has no clear principle articulated with regard to classification of liabilities raises a host of issues. The letter suggests that a more comprehensive project that identifies a principle and addresses the inconsistency with other requirements of the standard is necessary. Read the AcSB letter posted by the IASB.

March 11, 2015

News

AcSB Exposure Draft – Classification of Liabilities (Proposed amendments to IAS 1)

March 11, 2015. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders are encouraged to submit their comments, on the form provided, by June 10, 2015.

February 12, 2015

News

IASB Exposure Draft – Classification of Liabilities (Proposed amendments to IAS 1)

February 12, 2015. The IASB has issued an Exposure Draft proposing amendments to IAS 1 Presentation of Financial Statements. Canadian stakeholders are encouraged to submit their comments to the IASB by June 10, 2015.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.