IFRS Developments 185 - IASB proposes extension of relief for COVID-19 related rent concessions

Local contact

EY Global IFRS

5 Feb 2021 PDF
Categories Leases

The IASB proposed to extend the amendment to IFRS 16, giving lessees relief from lease modification accounting for COVID-19 rent concessions.

The proposed update to the amendment would allow it to be applied to a change in lease payments arising from COVID-19 originally due on or before 30 June 2022.

The proposed update to the amendment, if finalised, will apply to annual reporting periods beginning on or after 1 April 2021 and may be applied early.