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HMRC consults on changes to lease taxation as a result of IFRS 16

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Comment deadline for comments on the FRC's draft UK Endorsement Criteria Assessment on the IBOR Phase 2 Amendments
28 Sep 2020
The Financial Reporting Council (FRC) has published a draft UK Endorsement Criteria Assessment on the International Accounting Standards Board's (IASB’s) amendment ‘Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)’ (the Amendments). Comments are requested by 28 September 2020.
Comment deadline: Proposed Taxonomy Update regarding IBOR 2 amendments
28 Sep 2020
On 27 August 2020, the IASB published 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'. Concurrently, the IASB also published a proposed Taxonomy Update to reflect these amendments. Comments on the proposed Taxonomy Update are requested by 28 September 2020.
ICAEW IFRS update webinar
18 Jun 2020
The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting a webinar on latest developments in IFRS Standards.
Comment deadline: Proposed Taxonomy Update regarding IFRS 16 amendment
29 Jun 2020
On 28 May 2020, the IASB published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16) amending the standard to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification'. Concurrently, the IASB also published a proposed Taxonomy Update to reflect this amendment. Comments on the proposed Taxonomy Update are requested by 29 June 2020.
Effective date of IFRS 16 amendment
01 Jun 2020
On 28 May 2020, the IASB published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' amending the standard to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. The amendment is effective for annual reporting periods beginning on or after 1 June 2020.
Effective date of 2018-2020 annual improvements cycle
01 Jan 2022
On 14 May 2020, the IASB issued 'Annual Improvements to IFRS Standards 2018–2020'. The pronouncement contains amendments to four International Financial Reporting Standards (IFRSs) as result of the IASB's annual improvements project. The amendments are effective for annual reporting periods beginning on or after 1 January 2022.
Comment deadline: IFRS 16 and COVID-19
08 May 2020
On 24 April 2020, the International Accounting Standards Board (IASB) published an exposure draft 'Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16)' that contains a proposed amendment that would provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Comments are requested by 8 May 2020.
DPOC conference call
16 Apr 2020
The Due Process Oversight Committee (DPOC) of the IFRS Foundation will hold a conference call on 16 April 2020.
Comment deadline: IBOR reform phase 2
25 May 2020
On 9 April 2020, the International Accounting Standards Board (IASB) published an exposure draft 'Interest Rate Benchmark Reform — Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' that contains proposed amendments that would address issues that might affect financial reporting after the reform of an interest rate benchmark, including its replacement with alternative benchmark rates. Comments are requested by 25 May 2020.
Comment deadline for FRED 73 ‘Draft amendments to FRS 101 Reduced Disclosure Framework 2019/20 cycle'
16 Mar 2020
In December 2016 the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 73 ‘Draft amendments to FRS 101 Reduced Disclosure Framework 2019/20 cycle’. Comments are requested by 16 March 2020.

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