European Union formally adopts extended practical relief regarding COVID-19-related rent concessions
31 Aug, 2021
The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' issued by the IASB in March 2021.
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.
The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 30 August 2021.
EFRAG has updated its endorsement status report to reflect that the European Union has adopted the amendments.
