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IASB extends relief for COVID-19 related rent concessions
The amendment to IFRS 16 providing relief to lessees from lease modification accounting to COVID-19 related rent concessions has been extended.
The update to the amendment allows it to be applied to a reduction in lease payments, arising from COVID-19, originally due on or before 30 June 2022.
The update to the amendment applies to annual reporting periods beginning on or after 1 April 2021 and may be applied early.