WOCCU Comments on IASB’s Classification of Liabilities as Current or Non-current

WOCCU responded to the International Standards Accounting Board’s (IASB) requested comments on their Exposure Draft Classification of Liabilities as Current or Non-current—Deferral of Effective Date Proposed amendment to IAS 1. In January 2020, due to Covid-19 pandemic interferences, the IASB proposed a deferral to the amendments for IAS 1 Presentation of Financial Statements, moving the annual reporting periods to the beginning or after January 1, 2023. WOCCU expressed its concurrence with the deferral, expressing the necessary operational relief the deferral would provide to credit unions suffering from pandemic pressures, “that could delay the implementation of any changes in classification resulting from the application of these amendments and… the pandemic will delay the ability of a credit union to start and extend the duration of the renegotiation of loan covenants.” WOCCU’s full response to the IASB’s Exposure Draft can be found here.

International Accounting Standards Board