European Union formally adopts IFRS 16 amendments regarding COVID-19-related rent concessions

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12 Oct, 2020

The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)'.

The amendments provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.

The European Union effective date is the same as the IASB effective date (1 June 2020).

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 9 October 2020.

EFRAG has updated its endorsement status report to reflect that the European Union has adopted the amendments.

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