BDO releases IFRB 2020/06 - Amendments to IFRS 16 proposed by IASB for lessees
20 April 2020
BDO has released an IFR Bulletin summarising the IASB’s meeting on Friday, 17 April 2020, which discussed amendments to IFRS 16 to provide relief to lessees in accounting for lease concession that result from COVID-19. The Board approved the principles underlying amendments to IFRS 16, and an exposure draft is expected to be issued shortly, with a target to issue final amendments by May 2020. The IASB is not currently proposing relief for lessors.
The IFR Bulletin (2020/06) may be found here on BDO’s external IFRS Reporting Hub.
These amendments would be available retrospectively, so entities with say, 31 March 2020 period ends would still be able to apply the amendments if they have not finalised their financial statements by that date.