This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board). Projects affected by these decisions can be found on the work plan. The Board's final decisions on IFRS® Standards, Amendments and IFRIC® Interpretations are formally balloted as set out in the IFRS Foundation's Due Process Handbook.
The Board met remotely for a supplementary meeting on 4 February 2021 to propose extending the period of practical relief provided in the amendment to IFRS 16 Leases in relation to covid-19-related rent concessions, issued in May 2020.
The Board held a supplementary meeting on 4 February 2021 to consider whether to extend the time period over which the practical expedient in paragraph 46A of IFRS 16 Leases is available for use.
The Board tentatively decided to:
Twelve of 13 Board members confirmed they were satisfied the Board has complied with the applicable due process requirements to begin the process for balloting the exposure draft. One Board member was absent.
One Board member indicated an intention to dissent from the proposals in the exposure draft.
The staff will prepare an exposure draft for balloting. The Board plans to publish the exposure draft on 11 February 2021.