Accounting for Rent Concessions due to Covid-19 – Private Enterprise Advisory Committee
Date recorded:
At its meeting on May 26, 2021, the Private Enterprise Advisory Committee discussed financial reporting issues arising from the Covid-19 pandemic. The Committee provided input on:
- extending the relief for both lessees and lessors on accounting for COVID-19-related rent concessions;
- whether additional guidance or educational materials were needed on going concern; and
- the accounting for the Covid-19-related government assistance programs.
The Committee recommended the AcSB extend the relief on accounting for rent concessions by at least six months. The Committee did not recommend any additional standard setting on the other topics discussed.
Review the meeting notes on the AcSB's Web site.