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The Board decided at a supplementary meeting on 4 February 2021 to propose an extension to the time period over which the practical expedient in paragraph 46A of IFRS 16 Leases is available for use.

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 on 11 February 2021 with a 14-day comment period.

The IFRS Foundation Trustees, responsible for governance and oversight of the Board, have 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.

A full summary of the Board’s supplementary meeting is available in the Supplementary IASB Update February 2021—covid-19-related rent concessions.