Date recorded:

The IASB held a supplementary meeting on Thursday 4 February, by video conference. 

The amendments to IFRS 16 the IASB made in relation to rent concessions and COVID-19 provide a practical expedient that applied to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2021. The Board decided to publish a proposal to amend IFRS 16 to extend that expedient to 30 June 2022. The Board decided that the amendments should be applied retrospectively. One Board member plans to dissent. The proposals will have a 14-day comment period. The staff think they can publish final amendments by the end of March 2021.  

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