This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IFRS 16 and Covid 19 – International Accounting Standards Board

Date recorded:

At its supplementary meeting on February 4, 2021, the IASB tentatively decided to:

  1. amend paragraph 46B(b) of IFRS 16 to permit a lessee to apply the practical expedient in paragraph 46A of IFRS 16 to rent concessions for which any reduction in lease payments affects only payments originally due on or before June 30, 2022, rather than only payments originally due on or before June 30, 2021;
  2. require a lessee applying the amendment to do so for annual reporting periods beginning on or after April 1, 2021;
  3. permit a lessee to apply the amendment early, including in financial statements not authorized for issue at the date the final amendment is issued;
  4. require a lessee applying the amendment to do so retrospectively, recognizing the cumulative effect of initially applying the amendment as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of the annual reporting period in which the lessee first applies the amendment;
  5. specify that, in the reporting period in which a lessee first applies the amendment, a lessee is not required to disclose the information required by paragraph 28(f) of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and
  6. allow 14 days for comment on an exposure draft of proposed amendments to IFRS 16, as approved by the Trustees of the IFRS Foundation.

Review the IASB Update and podcast on the Board's Web site.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.