2020, the IASB published an amendment to IFRS 16 that provides an optional practical expedient for lessees from assessing whether a rent concession related to COVID-19 is a lease modification. The International Accounting Standards Board (Board) has today—in a supplementary Board meeting to discuss covid-19 related matters —decided to propose an amendment to the leases Standard, IFRS 16, to help companies account for covid-19-related rent concessions, such as rent holidays. The COVID-19 outbreak has led to many lessors requesting and agreeing rent holidays and other lease concessions from their landlords/lessors. 14 April 2020 IASB to discuss timeline reconsiderations and possible amendment to IFRS 16 due to covid-19 The International Accounting Standards Board will be holding a supplementary meeting on 17 April 2020 to discuss timeline reconsiderations as well as IFRS 16 and rent concessions granted as a result of covid-19. share. Recently, the IASB has issued an amendments on Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16, Leases).As a result of the deadly Covid-19 pandemic, there would be many instances of lessors giving rent concessions to lessees as a result of the pandemic. Leases. to IFRS 16) Paragraph 46A of the draft amendment to IFRS 16 proposes, as a practical expedient, that a lessee may elect not to assess whether a covid-19-related rent concession is a lease modification. On 10 April 2020, in response to questions which have been raised about The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). In May 2020, the IASB published an amendment ‘COVID-19-Related Rent Concessions (amendment to IFRS 16)’ (the amendment). Applying the requirements of IFRS 16 Leases in the current environment raises a number of practical issues. The original amendment to IFRS 16 was issued in May 2020 to make it easier for lessees to account for covid-19-related rent concessions, such as rent holidays and temporary rent reductions, while continuing to provide relevant information about their leases to investors. Exposure Draft Covid-19-Related Rent Concessions Proposed amendment to IFRS 16 is here. It should be In this webinar we will cover: 1. Recent amendment in IFRS 16 and exposure draft (Proposed amendment) on Ind AS 116 – Leases for accounting of rent concession due to Covid-19. The IASB had issued COVID-19-Related Rent Concessions, which amended IFRS 16, Leases, in May 2020. Lessees can elect to account for such rent concessions in the same way as they would if they were not lease modifications. The response of IASB on how to account and report rentconcessions is timely. In May 2020, following an accelerated due process, the International Accounting Standards Board (IASB) published an amendment to International Financial Reporting Standard (IFRS) 16 (Covid-19-related rent concessions – Amendment to IFRS 16) which provides practical relief to lessees in accounting for rent concessions granted due to Covid-19. It is mandatory for financial statements with reporting periods beginning on or after 1 June 2020. Updated: 10 June 2021. The effective date of the amendment will be 1 June 2020. The International Accounting Standards Board (IASB) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions In many cases, this will The document will be available to download from the Open for comment section and from the IFRS 16 and covid-19 project page. Lease modification for lessees and lesso… This offer significant operational relief for lessees in accounting for modifications to lease contracts a s a consequent of Covid-19. Keywords: Mazars, Thailand, Accounting, COVID-19, Rent concessions, TFRS 16, TFAC, IFRS. Impact Of COVID-19 On IFRS 16. The International Accounting Standards Board (IASB) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions. This amendment is effective for … 28 May 2020. • The covid-19 pandemic has resulted in a number of lessors granting rent concessions to lessees. IFRS 16) Paragraph 46A of the draft amendment to IFRS 16 proposes, as a practical expedient, that a lessee may elect not to assess whether a covid-19-related rent concession is a lease modification. The amendment is designed to make it easier for lessees, especially those with a lot of lease contracts, to account for covid-19-related rent concessions while still providing useful information for investors. This can lead to a range of accounting issues under the current IFRS 16 rules. The IASB issued Covid-19-Related Rent Concessions, which amended IFRS 16 Leases, in May 2020. This amendment is effective for annual reporting periods beginning on or after 1 June 2020, but it may also be applied early. 30 Mar 2021 - ASC's comment letter on ED/2020/4 Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16). 15. The exposure draft is open for comment until 8 May. The appendix to this paper summarises the due process steps taken in developing the amendment to IFRS 16. In May 2020, following an accelerated due process, the International Accounting Standards Board (IASB) published an amendment to IFRS 16 (Covid-19-Related Rent Concessions), providing practical reliefs for preparers accounting for Covid-19-related rent concessions. The amendment exempts lessees from having to consider individual lease contracts to determine whether rent concessions occurring as a direct consequence … The relief applies to lessees only. 7 May 2021 - ASC's comment letter on Request for Information: Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Access Part A of Covid-19-Related Rent Concessions, the amendment to IFRS 16. The proposed amendment will … The reason for issuing this amendment is because the economic challenges presented by the COVID-19 pandemic have persisted longer than anticipated. By Pat Sweet In May 2020 the International Accounting Standards Board (Board) issued Covid-19-Related Rent Concessions, which amended IFRS 16 Leases. • The IASB issued Covid-19-Related Rent Concessions - Amendment to IFRS 16 Leases which allows a lessee, as a practical expedient, not to Covid-19-Related Rent Concessions, which amended IFRS 16 . The International Accounting Standards Board expects to issue Covid-19-Related Rent Concessions beyond 30 June 2021, which amends IFRS 16 Leases , on 31 March 2021. eIFRS Professional and eIFRS Comprehensive subscribers will be able to download the document here. IFRS 16 and covid-19 Accounting for covid-19-related rent concessions applying IFRS 16 Leases This document is intended to support the consistent application of requirements in IFRS® Standards. That amendment permits a lessee, as a practical expedient, to elect not to assess whether a rent concession occurring as a direct consequence of the covid-19 pandemic that meets the conditions in … The International Accounting Standards Board (Board) has proposed to amend IFRS 16 Leases to make it easier for lessees to account for covid-19-related rent concessions such as rent holidays and temporary rent reductions.. The amendment added a practical expedient to the Standard which provides relief for lessees in assessing whether specific COVID-19 rent concessions are considered to be lease modifications. Due to the current Covid-19 Impact, the entities across the industry are facing significant challenges and unique circumstances in evaluating the application of the Standards to relevant situations. The amendment will assist entities dealingwith similar reliefs and concessions in the course of theirfinancial reporting activities. The International Accounting Standards Board (IASB) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions.. THE ISSUE FOR LESSEES The IASB has received feedback that lessees are experiencing significant operational difficulty in applying the existing requirements of IFRS 16 for Exposure Draft on Covid-19-Related Rent Concessions (Proposed amendment to Ind AS 116, Leases) corresponding to Amendments in IFRS 16 issued by the International Accounting Standards Board (IASB) The implementation of high quality Indian Accounting Standards (Ind ASs) by Indian Companies is a monumental step in the accounting history of India. The current pandemic has made businesses worldwide undergo serious distress. We have been made aware of changes in lease payments that have occurred, or are expected to occur, as a result of the covid-19 pandemic. The International Accounting Standards Board expects to publish the Exposure Draft Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16) on 24 April 2020 with a 14-day comment period. On 28 May 2020, the IASB issued amendments to IFRS 16, which provide relief for lessees in accounting for rent concessions granted as a direct consequence of COVID-19. At the meeting the Board voted unanimously to propose amendments to IFRS 16 to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a result of the COVID-19 pandemic. IFRS 16 - Changes to help lessees. RENT CONCESSIONS BEYOND 30 JUNE 2021 PUBLISHED IN FEBRUARY 202120212021 The International Accounting Standards Board has cleared an amendment to its lease accounting standard, International Financial Reporting Standard 16, that it says will ease the burden on lessees during the COVID-19 pandemic. A lessee that makes this election would account for any change in lease payments resulting from the covid-19-related rent concession the same way it Reporting Standard Covid-19-Related Rent Concessions (Amendment to IFRS 16) by the International Accounting Standards Board in May 2020.
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