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AcSB Exposure Draft – Leases

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Sep 18, 2020

On September 18, 2020, the Accounting Standards Board (AcSB) released an exposure draft and seeks feedback on its proposals to provide relief for both lessees and lessors on accounting for lease modifications received or granted as a result of the COVID-19 pandemic. These proposals apply to private enterprises and NFPOs applying Parts II and III of the CPA Canada Handbook – Accounting. Comments are requested by October 2, 2020.

The economic consequences of the COVID-19 pandemic have given rise to lease concessions, such as lease payment deferrals or lease payment waivers. Section 3065 provides guidance on accounting for changes to the provisions of an existing lease and requires that any such lease modifications be accounted for as new leases. This could be onerous for private enterprises, particularly those with many leases. The AcSB discussed the available options and decided that standard setting is required to provide the necessary relief for lessees and lessors.

Review the press release and exposure draft on the AcSB's website.

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