IFRS Developments 167: Supplementary IASB meeting - impact of COVID-19 pandemic

The International Accounting Standards Board (IASB) held a supplementary meeting on 17 April 2020, to discuss the impact of the COVID-19 pandemic.

The IASB has amended its work plan to allow stakeholders enough time to consider their feedback on proposals such as the Exposure Draft on the amendments to IAS 1 Presentation of Financial Statements, the RFI on IFRS for SMEs and the Discussion Paper General Presentation and Disclosures. It has also proposed an amendment to IFRS 16 Leases.

At this meeting, the IASB voted to propose amendments to IFRS 16 Leases to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a result of the COVID-19 pandemic.

An Exposure Draft of the amendments is expected to be issued shortly, with a comment period of 14 days from the date of issue.