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UK Endorsement Board supports the IASB's proposed amendment to IFRS 16 and COVID 19

  • UK Endorsement Board (UKEB) Image

04 Mar 2021

The UK Endorsement Board (UKEB) has issued its final comment letter on the International Accounting Standard Board's (IASB's) Exposure Draft ED/2021/2 'Covid-19-Related Rent Concessions Beyond 30 June 2021 (Proposed Amendments to IFRS 16)'.

The Exposure Draft proposes to extend the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.

The UKEB supports the IASB’s proposal to extend the eligible date of the May 2020 reliefs to assist lessees to 30 June 2022.

The UK Endorsement Board secretariat plan to issue a draft Endorsement Criteria Assessment for public consultation in the same week that the IASB publish the final amendment which is expected by the end of March 2021.  The UKEB aims to complete adoption procedures by early May making the amendment available for use by UK entities with financial years ending on or after 31 March 2021.

For more information, see the press release and final comment letter on the UKEB's website.

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