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The IASB agreed not to proceed with the proposed amendments to IAS 1 regarding the current/non-current classification of liabilities

 22 March 2013


The ED proposed to amend paragraph 73 of IAS 1 to clarify that a liability is classified as non-current if an entity expects, and has the discretion, to refinance or roll over an obligation for at least twelve months after the reporting period under an existing loan facility with the same lender, on the same or similar terms.

After considering the comments received from respondents, the Interpretations Committee decided to recommend to the IASB that it should not confirm the proposed amendment to IAS 1 in its current form because the proposed amendment proposes to tie the classification requirements of financial liabilities in IAS 1 to the derecognition requirements of financial liabilities in IAS 39 Financial Instruments: Recognition and Measurement and IFRS 9 Financial Instruments, which it thought was not appropriate.

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