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IFRS Taxonomy Update for Covid-19-Related Rent Concessions (Amendments to IFRS 16) [Completed]

Effective date:

The amendment to IFRS 16 applies to annual reporting periods beginning on or after June 1, 2020. Earlier application of the amendment is permitted, including in financial statements not authorized for issue at May 28, 2020. Therefore, earlier use of the IFRS Taxonomy elements is permitted.

Last up­dated:

August 2020

Overview

On May 28, 2020, the IFRS Foun­da­tion pub­lished for pub­lic com­ment the Pro­posed Tax­on­omy Update for Covid-19-Related Rent Concessions (Amendments to IFRS 16). This Pro­posed Tax­on­omy Up­date in­cor­po­rates the IFRS Tax­on­omy el­e­ments for these amendments to IFRS 16. 

When the International Accounting Standards Board (Board) issues new IFRS Standards or amendments to existing IFRS Standards, it also updates the IFRS Taxonomy to reflect new or amended presentation and disclosure requirements. These updates ensure that the IFRS Taxonomy accurately reflects IFRS Standards.

The IFRS Taxonomy team works with project teams to prepare proposed changes to the IFRS Taxonomy. The Board approves publication of proposed IFRS Taxonomy updates via ballot at the same time or shortly after it approves the new Standard or amendment.

Proposed changes to the IFRS Taxonomy are subject to public consultation. The Board reviews feedback before it issues the final IFRS Taxonomy update.

 

Other developments

August 2020

On August 18, 2020, the IFRS Foundation published IFRS Taxonomy 2020 — Covid-19-Related Rent Concessions (Amendment to IFRS 16)". This Taxonomy update includes elements to reflect the new disclosure requirements introduced by the recently-issued amendment to IFRS 16.

July 2020

On July 23, 2020, IASB staff updated the Work Plan to indicate that the Board plans to issue the final Taxonomy Update in August 2020.

June 2020

On June 26, 2020, the IASB staff updated the work plan to indicate that the Board expects to review the Feedback on the Proposed Taxonomy Update in July 2020.

May 2020

On May 28, 2020, the IFRS Foun­da­tion pub­lished for pub­lic com­ment the Pro­posed Tax­on­omy Update for Covid-19-Related Rent Concessions (Amendments to IFRS 16). Comments are requested by June 29, 2020.

 

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.