Document ID: chunk:federal_register_of_legislation:F2023L00007:body:0:p2
Version: federal_register_of_legislation:F2023L00007
Segment Type: other
Provision Reference: 
Character Range: 3090–6193

is material for disclosure.

Application date
This Standard applies to annual periods beginning on or after 1 January 2023.  Earlier application is permitted, provided AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current is also applied at the same time.

Accounting Standard AASB 2022-6
The Australian Accounting Standards Board makes Accounting Standard AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants under section 334 of the Corporations Act 2001.
                          Keith Kendall
  Dated 15 December 2022  Chair – AASB

Accounting Standard AASB 2022-6
Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants

Objective
This Standard amends AASB 101 Presentation of Financial Statements (July 2015) and AASB Practice Statement 2 Making Materiality Judgements (December 2017) as a consequence of the issuance of International Financial Reporting Standard Non-current Liabilities with Covenants (Amendments to IAS 1) by the International Accounting Standards Board in October 2022.

Application
The amendments set out in this Standard apply to entities and financial statements in accordance with the application of AASB 101 set out in AASB 1057 Application of Australian Accounting Standards.
This Standard applies to annual periods beginning on or after 1 January 2023.
This Standard may be applied to annual periods beginning before 1 January 2023, provided AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current is also applied to the period.  When an entity applies this Standard to such an annual period, it shall disclose that fact.
This Standard uses underlining, striking out and other typographical material to identify the amendments to AASB 101 and AASB Practice Statement 2, in order to make the amendments more understandable.  However, the amendments made by this Standard do not include that underlining, striking out or other typographical material.  Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

Amendments to AASB 101 Presentation of Financial Statements
Paragraphs 60, 71, 72A, 74 and 139U are amended. Paragraphs 72B and 139W are added. Paragraph 76ZA is added immediately after paragraph 76. New text is underlined and deleted text is struck through. Paragraphs 69 and 75 are not amended but have been included for ease of reference.

Structure and content
 ...

Statement of financial position
 ...

Current/non‑current distinction
60 An entity shall present current and non‑current assets, and current and non‑current liabilities, as separate classifications in its statement of financial position in accordance with paragraphs 66–76B 76 except when a presentation based on liquidity provides information that is reliable and more relevant. When that exception applies, an entity shall present all assets and liabilities in order of liquidity.
 ...

Current liabilities
69 An