Home Pronouncements ASCG Interpretation 1 (IFRS) The Current/Non-current Classification in the Statement of Financial Position under IAS 1 Presentation of Financial Statements

ASCG Interpretation 1 (IFRS) The Current/Non-current Classification in the Statement of Financial Position under IAS 1 Presentation of Financial Statements

Publication Date:
19.07.2005
Last Revision:
14.02.2020

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Status: Withdraw by the ASCG

  • At its 81st meeting on 14 February 2020, the IFRS Technical Committee hast decided to withdraw ASCG Interpretation 1 (IFRS): The Current/Non-current Classification in the Statement of Financial Position under IAS 1 Presentation of Financial Statements (last modified on 12 July 2013).
  • ASCG Interpretations (IFRS) address issues of predominantly national relevance for which the IFRS Interpretations Committee (IFRS IC) is unable to issue a generally binding interpretation, and for which the ASCG therefore develops appropriate interpretations in consultation with the IFRS IC. ASCG Interpretation 1 (IFRS) was published on 19 July 2005 as Accounting Interpretation No. 1 (AIC 1). As a consequence of Regulation (EC) No. 1606/2002 of the European Parliament and the Council of 19 July 2002 (OJ L243), all German publicly traded entities were required for the first time to prepare their consolidated financial statements in accordance with IFRSs from the financial year 2005 onwards. Within this context, the ASCG Interpretation 1 (IFRS) aimed to provide practical guidelines with respect to the current/non-current classification in the statement of financial position under IFRS and to provide entities with an illustrative statement of financial position. The issues addressed by the ASCG Interpretation 1 (IFRS) are generally accepted in practice.
  • On 23 January 2020, the IASB published the Amendments to IAS 1 “Classification of Liabilities as Current or Non-current”. Subsequently, the IFRS Technical Committee has reviewed ASCG Interpretation 1 (IFRS). The Technical Committee determined that the specific need for an ASCG Interpretation (IFRS) on the current/non-current classification no longer applies. Therefore, the IFRS Technical Committee decided to withdraw the ASCG Interpretation 1 (IFRS).