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AcSB endorses Covid-19-Related Rent Concessions (Amendment to IFRS 16)

  • IFRS - AcSB Image

Jun 12, 2020

On June 12, 2020, the Accounting Standards Board (AcSB) announced that it endorses the amendment that permits lessees not to assess whether particular Covid-19-related rent concessions are lease modifications and, instead, account for those rent concessions as if they were not lease modifications.

Effective for annual reporting periods beginning on or after June 1, 2020, this is now in Part I of the CPA Canada Handbook – Accounting. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. The Amendments to the Basis for Conclusions that accompany, but are not part of, IFRS 16 Leases are also now in Part I of the CPA Canada Handbook – Accounting.

Review the announcement on the AcSB's website.

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