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

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Need to know — IASB issues 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'
09 Sep 2020
This 'Need to know' addresses the amendments to IFRS 9 'Financial Instruments', IAS 39 'Financial Instruments: Recognition and Measurement', IFRS 7 'Financial Instruments: Disclosures', IFRS 4 'Insurance Contracts' and IFRS 16 'Leases' that have been published by the International Accounting Standards Board (Board). The amendments are titled 'Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'.
EFRAG endorsement status report 28 August 2020
28 Aug 2020
The endorsement status report has been updated to reflect that the IASB issued 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' on 27 August 2020 and that EFRAG published a draft endorsement advice letter on the amendments on 28 August 2020.
Accounting considerations in response to COVID-19 — Leases
14 Jul 2020
COVID-19 has led many lessors to provide relief to lessees by deferring or relieving them of amounts that would otherwise be payable. In some cases this is through negotiation between the parties, but can also be as a consequence of a government encouraging or requiring that the relief be provided. IFRS 16 requires lessees to assess whether changes to lease contracts are lease modifications as this term is defined in the Standard and, if so, the lessee must remeasure the lease liability using a revised discount rate. This video explains the amendments made in response to the current economic climate.
EFRAG endorsement status report 6 July 2020
06 Jul 2020
The endorsement status report has been updated to reflect that the Accounting Regulatory Committee (ARC) has voted in favour of 'Covid-19-Related Rent Concessions (Amendments to IFRS 16)'.
Need to know — IASB finalises amendment to IFRS 16 'Leases' regarding COVID-19-related rent concessions
04 Jun 2020
This Need to know addresses the amendment to IFRS 16 'Leases' published by the IASB in May 2020, titled 'Covid-19-Related Rent Concessions'. This is an update of our earlier Need to know on the Exposure Draft.
EFRAG endorsement status report 3 June 2020
03 Jun 2020
The endorsement status report has been updated to reflect that the IASB issued 'Reference to the Conceptual Framework', 'Property, Plant and Equipment — Proceeds before Intended Use', 'Onerous Contracts — Cost of Fulfilling a Contract', and 'Annual Improvements to IFRS Standards 2018–2020' on 14 May 2020, that the IASB issued 'Covid-19-Related Rent Concessions' on 28 May, and that EFRAG published final endorsement advice on 'Covid-19-Related Rent Concessions' on 2 June 2020.
Deloitte comment letter on the IASB's proposed amendments as a result of the second phase of its project on the IBOR reform
25 May 2020
We are largely supportive of the amendments. In particular, we support the key changes that ensure that entities that apply hedge accounting will continue to do so as they transition to new benchmark interest rates and that the accounting for the modification of hedged items, when those modifications arise directly from the reforms, are reflected on a prospective basis via the application of IFRS 9:B5.4.5. We consider these as being the two most important elements of the proposals.
Need to know — IASB publishes package of narrow-scope amendments to IFRS Standards
21 May 2020
This Need to know addresses the recent package of narrow-scope amendments to IFRS Standards that was published by the IASB on 14 May 2020.
Deloitte comment letter on tentative agenda decision on IFRS 16 — Sale and leaseback with variable payments
13 May 2020
We have commented on the IFRS Interpretations Committee's publication in the March 2020 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on how to measure a right-of-use asset (RoU asset) arising from a sale and leaseback and thus how to determine the amount of any gain or loss on the transaction.
Deloitte comment letter on the IASB's proposed amendments to IFRS 16 related to COVID-19
08 May 2020
We have commented on IASB Exposure Draft (ED) 2020/2 'Covid-19-Related Rent Concessions' which was published by the IASB on 24 April 2020. The ED contains a proposed amendment that would provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.

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