This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IFRS 16 and COVID-19 — Extension of practical expedient



In May 2020, the IASB issued Covid-19-Related Rent Concessions (Amendment to IFRS 16). The pronouncement amended IFRS 16 Leases to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. On issuance, the practical expedient was limited to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2021.

Since lessors continue to grant COVID-19-related rent concessions to lessees and since the effects of the COVID-19 pandemic are ongoing and significant, the IASB decided to look into whether to extend the time period over which the practical expedient is available for use.


Current status of the project

This project has been completed. The IASB issued Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) on 31 March 2021.


Project milestones

Date Development Comments
4 February 2021 Issue first discussed by the IASB
11 February 2021 Exposure draft ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16) published the exposure draft has a 14-day comment period (25 February 2021)
31 March 2021 Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) issued amendment is effective for annual reporting periods beginning on or after 1 April 2021


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.