IASB extends support for lessees accounting for Covid-19-related rent concessions

Released 31 March 2021

The International Accounting Standards Board (IASB) has extended by one year the application period of the practical expedient in IFRS 16 Leases to help lessees accounting for Covid-19-related rent concessions.

In response to calls from stakeholders and because the Covid-19 pandemic is still at its height, the Board has extended the relief by one year to cover rent concessions that reduce only lease payments due on or before 30 June 2022.

The amendment is effective for annual reporting periods beginning on or after 1 April 2021.

Further information can be found at https://www.ifrs.org/news-and-events/2021/03/iasb-extends-support-covid-19-related-rent-concessions/.

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