UKEB adopts IAS 1 Narrow-Scope Amendments 2020 and 2022

The UKEB has adopted the Amendments to IAS 1:

• Classification of Liabilities as Current or Non-current (Amendments to IAS 1), issued by the International Accounting Standards Board (IASB) in January 2020; and
• Non-current Liabilities with Covenants (Amendments to IAS 1), issued by the IASB in October 2022.

The Amendments clarify the classification of liabilities as current or non-current and have an effective date of 1 January 2024, with earlier application permitted.

The UK-adopted international accounting standard text for these amendments.

For more information on the UKEB’s approach to the Narrow-scope Amendments 2020 and 2022 – to IAS 1 project.

We would like to thank all stakeholders who contributed to this project.