UK Endorsement Board secretariat publishes draft UK Endorsement Criteria Assessment on the IASB's amendment to IFRS 16 and COVID 19

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19 Apr, 2021

The UK Endorsement Board secretariat has published a draft UK Endorsement Criteria Assessment on the International Accounting Standard Board’s (IASB's) amendment 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)'.

The UKEB secretariat welcomes stakeholders’ views to inform its recommendation to the BEIS Secretary of State to adopt the Amendment in the UK. 

The UKEB secretariat's initial assessment concludes that:

  • the Amendment meets the criteria of relevance, reliability, comparability and understandability required of the financial information needed for making economic decisions and assessing the stewardship of management, as required by SI 2019/685 (see Regulation 7(1)(c)); and
  • application of the Amendment is not contrary to the principle that an entity’s accounts/consolidated accounts must give a true and fair view as required by SI 2019/685 (see Regulation 7(1)(a)).

Additionally the UKEB secretariat initially concludes that the Amendment will improve the quality of financial reporting and that the benefits of the Amendments are likely to outweigh the costs.

Comments on the draft UK Endorsement Criteria Assessment are requested by 5 May 2021. 

For more information, see the press release, Invitation to Comment and draft UK Endorsement Criteria Assessment on the UKEB's website. 

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