Accounting for Rent Concessions due to Covid 19 – AcSB

Date recorded:

At its meeting on September 15-16, 2021, the AcSB deliberated stakeholders’ feedback on the Exposure Draft, “Leases.” Respondents supported the proposals in the Exposure Draft. The Board decided, subject to written ballot, to extend the scope exemption for COVID-19-related rent concessions by one year to December 31, 2022.The AcSB recognizes the importance of this topic and is currently in the process of balloting. The Board plans to issue the final amendments on December 1, 2021. The amendments will apply to annual financial statements ending on or after December 31, 2021, with earlier application permitted, including in financial statements not yet authorized for issue.

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

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