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Deferral of effective date of amendments to MFRS 101

The Malaysian Accounting Standards Board (MASB) has issued an amendment to defer the effective date of the ‘Classification of Liabilities as Current or Non-current’ which amends MFRS 101 1 ‘Presentation of Financial Statements’ by one year.

The amendment to MFRS 101 entitled ‘Classification of Liabilities as Current or Non-current’ (the Amendments) was issued in January 2020, to clarify the Standard’s guidance on whether a liability should be classified as either current or non-current. The Amendments were effective for reporting periods on or after 1 January 2022. As a result of the COVID-19 pandemic, the MASB has decided to give entities more time to implement any classification changes that may result from the Amendments. As such the Amendments are now effective from 1 January 2023.

No other changes have been made to the Amendments other than the effective date.

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