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Accounting for rent concessions as a result of the COVID-19 pandemic – AcSB

Date recorded:

At its meeting on July 28, 2020, the AcSB discussed the proposals to be included in an Exposure Draft to amend Section 3065 to provide relief for both lessees and lessors on accounting for rent concessions that have arisen as a consequence of the COVID-19 pandemic. The Board decided to limit the relief to rent concessions received as a direct result of COVID-19 and to only those lease payments originally due on or before December 31, 2021. The AcSB expects to issue the Exposure Draft in September 2020. In response to stakeholders’ need to have the relief available for the 2020 year-end reporting period, the Board plans to issue the Exposure Draft with a short comment period and to incorporate the amendments into Part II of the Handbook in November 2020.

Review the Executive Summary on the AcSB's Web site.

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