IASB publishes COVID-19 guidance on IFRS 16, will discuss COVID-19 implications at its next meeting
11 Apr 2020
The International Accounting Standards Board (IASB) has published a document
responding to questions regarding the application of IFRS 16 'Leases' during the
period of enhanced economic uncertainty arising from the COVID-19 pandemic. At
its upcoming meeting, the IASB will discuss the matter further and will also
consider effective dates, consultations periods and publication dates in
general.
Similar to the guidance on
IFRS 9 published in March, the new guidance on IFRS 16
Leases is intended to support the consistent application of requirements
in IFRSs. Therefore, it highlights requirements within IFRS 16 and other IFRSs that
are relevant for companies considering how to account for rent concessions granted
as a result of the covid-19 pandemic; it does not change, remove nor add to, the
requirements of IFRS 16. Please click to access the document on the IASB website. The IASB has also
announced that the issue will be discussed by the IASB at its upcoming
meeting.