EFRAG issues its final endorsement advice on the IASB's proposed amendment to IFRS 16 and COVID 19
05 Apr, 2021
The European Financial Reporting Advisory Group (EFRAG) has issued its final endorsement advice letter relating to the use in the European Union (EU) of 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' ("the Amendment).
The Amendment extends, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.
EFRAG recommends the endorsement of the Amendment. EFRAG’s assessment is that the Amendment meets all the technical endorsement criteria of the IAS Regulation and is conducive to the European public good.
A press release and the endorsement advice letter to the European Commission are available on the EFRAG website. EFRAG has also updated its endorsement status report.
