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February 2021 IASB supplementary meeting notes posted

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05 Feb 2021

The IASB met via video conference on 4 February 2021 to discuss COVID-19-related rent concessions. We have posted our comprehensive Deloitte observer notes for this topic.

IFRS 16 and COVID-19: 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.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

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