The International Accounting Standards Board (Board) has proposed an amendment to IFRS 16 to provide lessees with practical relief during the covid-19 pandemic while enabling them to continue providing useful information about their leases to users of financial statements.
The proposed amendment aims to address issues affecting the application of IFRS 16 requirements to large volumes of rent concessions granted as a direct consequence of the covid-19 pandemic during 2020. The proposed amendment:
The Exposure Draft is available below. The comment letter period was open until 8 May 2020.