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Accounting for Rent Concessions due to Covid 19 – AcSB

Date recorded:

At its meeting on June 16-17, 2021, the AcSB discussed the proposals to include in an Exposure Draft to amend Section 3065, Leases, extending the optional relief for COVID-19-related rent concessions as a result of the pandemic’s continuing impact. The Board decided to extend the relief by one year for those lease payments originally due on or before December 31, 2022. The AcSB expects to issue the Exposure Draft in June 2021, with a 30-day comment period ending July 30, 2021. The Board plans to incorporate the amendments into Part II of the CPA Canada Handbook – Accounting in December 2021.

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

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