Comment on ED/2015/1 Classification of Liabilities - Proposed amendments to IAS 1

International Accounting Standards Board
30 Cannon Street
London
EC4M 6XH
10 June 2015
Submitted electronically through the IFRS Foundation website (www.ifrs.org)
ED/2015/1 Disclosure Initiative - Proposed amendments to IAS 1
Grant Thornton International Ltd is pleased to comment on the International Accounting
Standards Board's (the Board) Exposure Draft ED/2015/1 Classification of Liabilities- Proposed
amendments to IAS 1 (the ED). We have considered the ED, as well as the accompanying draft
Basis for Conclusions.
We support the Board's objectives and believe that the proposed amendments will help
clarify that classification of liabilities as either current or non-current is based on the rights
that are in existence at the end of the reporting period. However, we also believe the
amendments could benefit from further refinement in a number of areas in order to better
promote their consistent application and that additional illustrative examples should be
provided to address some of the challenges that have arisen in practice. Ultimately, we feel
that classification of liabilities is a topic which would benefit from a more comprehensive
review in due course.
Our specific responses to the ED's Invitation to Comment are set out in the Appendix.
If you have any questions on our response, or wish us to amplify our comments, please
contact our Global Head of IFRS, Andrew Watchman ([e-mail] or
telephone + 44 207 391 9510).
Yours sincerely,
Kenneth C Sharp
Global Leader - Assurance Services
Grant Thornton International Ltd
Grant Thornton International Ltd
Grant Thornton House
22 Melton Street
London NW1 2EP