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Overview

Date recorded:

The IASB held a supplementary meeting to consider feedback on its proposal to amend IFRS 16 in response to COVID-19.

The Board decided to finalise the proposed amendments, but allow the expedient to be applied to COVID-19-related rent concessions to payments originally due on or before 30 June 2021; require disclosure of the amount recognised in profit or loss to reflect changes in lease payments that arise from COVID-19-related rent concessions; and specify that in the reporting period in which a lessee first applies the amendment, it is not required to disclose the amount of the adjustment for each line item affected or its effect on earnings per share.

The Board decided to take no further action in response to requests to provide similar relief to lessors. The staff expect issuing a final amendment on or around 28 May 2020.

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