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The European Union published Regulation (EC) No 2023/2822 of 19 December 2023 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in the Official Journal of 20 December 2023. This regulation adopts amendments to IAS 1 Presentation of Financial Statements.

The amendments, which were published by the International Accounting Standards Board (IASB) on 31 October 2022, relate to the classification of liabilities with ancillary conditions. The IASB clarifies that ancillary conditions that must be met before or on the balance sheet date can have an effect on classification as current or non-current (see Express Accounting News 43/2022).

The amendments are effective for annual periods beginning on or after 1 January 2024.

KPMG Express Accounting News

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