IASB amends work plan and proposes amendment to IFRS 16

Thursday, May 7th, 2020

IASB amends work plan and proposes amendment to IFRS 16.

The International Accounting Standards Board (Board) has decided to propose an amendment to the leases Standard, IFRS 16, to help companies account for covid-19-related rent concessions, such as rent holidays.

The proposed amendment will complement the educational materials published on 10 April 2020 to support companies applying the Standard.  A project has been added to the Board’s work plan on the proposed amendment. Those with an interest can follow developments in the project by registering for alerts. The Board expects to publish the proposed amendment in an exposure draft next week with a 14-day comment period.  The IFRS Foundation Trustees, responsible for governance and oversight of the Board, approved the 14-day comment period. The Due Process Handbook sets out that 75% of the Trustees must approve comment periods shorter than 30 days.

For more information: https://www.ifrs.org/news-and-events/2020/04/iasb-amends-work-plan-and-proposes-amendment-to-ifrs-16/