The Exposure Draft (“ED”) of the Amendments to Ind AS 1, Presentation of Financial Statements, issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India on 30 December 2022, proposes amendments relating to the classification of liabilities as current or non-current for breach and subsequent cure of financial and non-financial covenants. It aims to eliminate the carve-out provided by Ind AS 1 to align with the classification of liabilities as current or non-current with the principles set out under Ind AS 1, Presentation of Financial Statements. It also clarifies classifying certain convertible debt as part of the financial statements.