Article updated 28 May 2020
A document responding to questions regarding the application of IFRS 16 Leases to rent concessions granted as a result of the covid-19 pandemic has been published.
Access IFRS 16 and covid-19.
The document is prepared for educational purposes, highlighting requirements within IFRS 16 and other IFRS Standards that are relevant for companies considering how to account for rent concessions granted as a result of the covid-19 pandemic.
It does not change, remove, nor add to, the requirements in IFRS Standards. It is intended to support the consistent and robust application of IFRS 16.
On 28 May 2020, the Board issued an amendment to IFRS 16 Leases to make it easier for lessees to account for covid-19-related rent concessions while still providing useful information about their leases to investors.
Access further information about how the IFRS Foundation and the International Accounting Standards Board are supporting stakeholders during the pandemic.