Skip To Content | Contact Us | About AASB | Links

AASB on Twitter AASB on LinkedIn

Breadcrumbs

Stuff

News

13 Aug. 2020

Deferral of Liability Classification Amendments

To help preparers during the COVID-19 pandemic, the recent liability classification amendments to AASB 101 Presentation of Financial Statements have been deferred by one year through a new amending Standard AASB 2020-6.

The AASB has issued AASB 2020-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current – Deferral of Effective Date.

This Standard amends AASB 101 to defer requirements for the presentation of liabilities in the statement of financial position as current or non-current that were added to AASB 101 in AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current (March 2020). Those requirements now apply mandatorily to annual reporting periods beginning on or after 1 January 2023 instead of 1 January 2022 (but they can still be applied earlier).

AASB 2020-6 applies to annual periods beginning on or after 1 January 2022, which was the original mandatory effective date of the amendments to AASB 101.