Pre-meeting summary for the February 2020 IASB supplementary meeting

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01 Feb, 2021

The IASB is meeting on Thursday 4 February 2021, by video conference. We have posted our pre-meeting summary for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda paper made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

IFRS 16 and COVID-19: The amendments to IFRS 16 the IASB made in relation to rent concessions and COVID-19 provided 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 staff is recommending that the IASB extend that to 30 June 2022. The staff recommend retrospective application, but note that for a lessee that has applied the initial expedient, it is possible that they may be required to reverse lease modification accounting for rent concessions that did not qualify because of the original time limit. If the IASB approves a 14-day comment period the staff think they can publish final amendments by the end of March 2021.

Our pre-meet­ing summary is available on our February supplementary meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.

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