ICAI proposes amendments to IAS 1 - Presentation of Financial Statements

Last updated: 01 December 2021

Save Share

Quick Summary

The Institute of Chartered Accountants of India (ICAI) is inviting public comments on proposed amendments to IAS 1, 'Presentation of Financial Statements'. These amendments aim to clarify how entities classify liabilities as current or non-current, particularly when covenants are involved. The proposed changes would mean that conditions to be met within 12 months after the reporting period do not affect a liability's classification, but such liabilities would need separate presentation and disclosure. The ICAI is seeking feedback from stakeholders by January 30, 2022.

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 - Rs.~~1999~~

1799

(Excl. of GST ₹323)

2 Years PLAN - Rs.~~3499~~

3149

(Excl. of GST ₹566)

BEST VALUE

3 Years PLAN - Rs.~~4999~~

4499

(Excl. of GST ₹809)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience. 07941056694

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.

5343 Views Comment Share Professional Resource Report

News posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

View News

Comments :