European Union formally adopts extended practical relief regarding COVID-19-related rent concessions
31 August 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.