Tuesday, June 27, 2023
The AASB has issued AASB 2023-3, which amends AASB 1060 to clarify the criteria for classifying a liability as current or non-current and improve the information disclosed in financial statements about certain non-current liabilities with covenants.
The amendments are consistent with amendments made to AASB 101 Presentation of Financial Statements by AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-Current and AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants.
AASB 2023-3 applies to annual periods beginning on or after 1 January 2024, with earlier application permitted. This is the same application as the amendments to AASB 101.