EFRAG Endorsement Status Report updated for endorsement of amendments to IFRS 16
03 September 2021
On 31 March 2021, the IASB issued Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) (the Amendment).
The Amendment extends the practical expedient available to lessees in accounting for COVID-19 related rent concessions by one year. The practical expedient provided by the amendment to IFRS 16 issued in May 2020 was available for reductions in lease payments that affected only payments originally due on or before 30 June 2021. The Amendment extends this period to 30 June 2022.
The Amendment is effective for annual reporting periods beginning on or after 1 April 2021, with earlier application permitted, including in financial statements not authorised for issue at 31 March 2021.
The European Union has published a Commission Regulation endorsing the Amendment and the endorsement is reflected in the Endorsement Status Report.
The updated Endorsement Status Report may be accessed here.