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IASB holds meeting dedicated to COVID-19 issues

  • IASB meeting (blue) Image
  • covid1 Image

17 Apr 2020

In advance of its regular meeting next week, the IASB held a supplementary IASB meeting today to consider COVID-19-related matters: the Board's timelines in view of the COVID-19 pandemic and accounting for COVID-19-related rent concessions.

On the Board's timelines in view of the COVID-19 pandemic, the staff recommended that the Board:

All Board members agreed with the staff recommendations and also agreed that the exposure draft on delaying the effective date of the IAS 1 amendments should have a comment period of 30 days. The Board gave the permission to begin the balloting process for the exposure draft and no Board member intends to dissent.

On accounting for COVID-19-related rent concessions, the staff recommended that the Board amend IFRS 16 to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Entities applying the exemption would account for the changes as if they were not lease modifications. The exemption would have to be applied retrospectively but comparative figures would not be restated. A lessee would recognise any difference arising on initial application of the amendment in opening retained earnings (or other component of equity, as appropriate) in the annual reporting period that includes the date of initial application.

All Board members agreed with the staff recommendations and also agreed that the exemption would be effective immediately, when the final amendment is issued. The Board will ask the Trustees to approve a comment period of 14 days. The Board gave the permission to begin the balloting process for the exposure draft and no Board member intends to dissent. 

Note: The shortened comment periods for both exposure drafts were discussed in a DPOC call yesterday.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

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