IFRS 16 and covid-19
- Completed
- Completed
- Vincent Papa, Archive - Joachim Jacobs
Description
On 24 April 2020, the IASB issued ED/2020/2 Covid-19-Related Rent Concessions Proposed amendment to IFRS 16 (the ED) with a comment period ending 8 May 2020. The ED proposes an amendment to IFRS 16 to permit lessees, as a practical expedient, not to assess whether particular covid-19-related rent concessions are lease modifications. Instead, lessees that apply the practical expedient would account for those rent concessions as if they were not lease modifications. The ED proposes no change for lessors.
Given the urgency of the matter both the IASB and EFRAG have substantially reduced their consultation periods and are having a fast track due process.
On 12 May 2020, EFRAG issued a Final Comment Letter. In its Final Comment Letter, EFRAG agreed with the proposals in the ED.
On 2 June 2020, EFRAG submitted its Endorsement Advice relating to the Amendment for use in the European Union and European Economic Area. EFRAG assessed that the Amendment meets the technical endorsement criteria of the IAS Regulation and is conducive to the European public good. It therefore recommended its endorsement.
On 12 October 2020 the European Union has published a Commission Regulation endorsing of the Amendment.
Documents
Project news
-
02/04/2021 - EFRAG's Endorsement Advice on Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)
EFRAG has completed its due process regarding Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) and has submitted its Endorsement Advice Letter to the European Commission.
-
25/02/2021 - EFRAG Final Comment Letter on ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021
EFRAG has published its Final Comment Letter in response to the IASB's Exposure Draft ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed Amendments to IFRS 16).
-
16/02/2021 - EFRAG requests comments on Preparatory Document for Draft Endorsement Advice on Covid-19-Related Rent Concessions beyond 30 June 2021
EFRAG is consulting on its Preparatory Document for Draft Endorsement Advice of Covid-19-Related Rent Concessions beyond 30 June 2021 against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good. Comments are requested by 17 March 2021.
-
11/02/2021 - EFRAG Draft Comment Letter on IFRS 16 and Covid-19- Comments requested by 22 February 2021
EFRAG has published its Draft Comment Letter in response to the IASB's Exposure Draft ED/2021/2 Covid-19-Related Rent Concessions Beyond 30 June 2021 (Proposed Amendments to IFRS 16). Comments requested by 22 February 2021.
-
03/06/2020 - EFRAG's Endorsement Advice on Covid-19-Related Rent Concessions (Amendment to IFRS 16)
EFRAG has completed its due process regarding Covid-19-Related Rent Concessions (Amendment to IFRS 16) and has submitted its Endorsement Advice Letter to the European Commission.
-
12/05/2020 - EFRAG's Final Comment Letter on the IASB's Exposure Draft ED/2020/2 Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16)
EFRAG has published its Final Comment Letter in response to the IASB's Exposure Draft ED/2020/2 Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16). The Final Comment Letter is available here.
-
01/05/2020 - EFRAG draft comment letter and preparatory draft of the Endorsement Advice on IASB ED/2020/2 Covid-19-Related Rent Concessions (amendment to IFRS 16)
EFRAG has published a Draft Comment Letter and a preparatory draft of the Endorsement Advice on the IASB ED/2020/2 Covid-19-Related Rent Concessions (amendment to IFRS 16). Comments on the draft comment letter are requested by 7 May, and for the preparatory draft Endorsement Advice by 20 May.
