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 can be found here.

For more information on the UKEB’s approach to this project visit our website.

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