31/08/2021 - EFRAG Endorsement Status Report - Update
The endorsement by the European Commission of the Amendments to IFRS 16 Leases - Covid19-Related Rent Concessions beyond 30 June 2021 is now reflected in the Endorsement Status Report.
The European Union has published a Commission Regulation endorsing the Amendments to IFRS 16 Leases - Covid19-Related Rent Concessions beyond 30 June 2021. The Amendments are effective as from 1 April 2021 for financial years starting, at the latest, on or after 1 January 2021.
The Amendments increase the scope of Covid-19-Related Rent Concessions (Amendment to IFRS 16) that was issued on 28 May 2020, which provides a practical expedient that permits lessees not to assess whether rent concessions that occur as a direct consequence of the covid-19 pandemic and meet specified conditions are lease modifications and, instead, to account for those rent concessions as if they were not lease modifications. The Amendment increases the eligibility period for the application of the practical expedient by 12 months from 30 June 2021 to 30 June 2022.
Link to the publication in the Official Journal of the European Union can be found here.
The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'.
