IASB Proposes Rent Concessions Related to COVID-19

The IASB has published an exposure draft (ED), COVID-19-Related Rent Concessions, which would amend IFRS 16, Leases, to provide lessees with an exemption from assessing whether COVID-19-related rent concessions — such as rent holidays and temporary rent reductions — are lease modifications. No changes are proposed for lessors.

Comments on the ED are due by May 8, 2020. For more information, see the press release on the IASB’s Web site.