IFRS 16 and Covid 19 – AcSB

Date recorded:

At its meeting on May 13, 2020, the AcSB discussed its recent activities and those of the FASB and the IASB relating to the effects of COVID-19 on the accounting for leases. The discussion included the IASB’s recent Exposure Draft, “COVID-19-Related Rent Concessions (Proposed Amendment to IFRS 16).” The IASB is expected to issue the final amendments to IFRS 16 by the end of May 2020. The AcSB expects to complete its endorsement process of the final IASB amendments and incorporate the amendments into Part I of the CPA Canada Handbook – Accounting on July 1, 2020. The amendments will be effective for annual reporting periods beginning on or after June 1, 2020.

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

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