Quick Summary
Accounting Standards Board The Institute of Chartered Accountants of India 30th November, 2021 Non-current Liabilities with Covenants - Proposed amendments to IAS 1 Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents [such as Discussion Paper (DP), Exposure Draft (ED) etc] seeking public comments fr
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 011-411-70713
FAQ :
The ICAI is proposing amendments to IAS 1, 'Presentation of Financial Statements'.
The proposed amendments focus on the classification of non-current liabilities when they have covenants, specifically conditions that must be met within 12 months after the reporting period.
The proposed amendments suggest that conditions to be met within 12 months after the reporting period will not affect a liability's classification as current or non-current. Instead, these liabilities will need to be presented separately and disclosed.
The deadline for submitting comments is January 30, 2022.
Comments can be submitted electronically via the ICAI website, by email to commentsasb@icai.in, or by post to the Secretary, Accounting Standards Board, ICAI.
CAclubindia
