Handbook Update – Section 3065, Leases
Nov 02, 2020
On November 2, 2020, the Accounting Standards Board (AcSB) announced that CPA Canada released its Handbook update on Section 3065, "Leases". Section 3065 was amended to provide optional relief for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic.
These amendments are effective for fiscal years ending on or after December 31, 2020. Earlier application is permitted, including in financial statements not yet authorized for issue, so that the practical expedient is available for COVID-19-related rent concessions granted or received in 2020.
Review further details on these amendments on the CPA Canada's website.
