IASB issues amendments to IFRS 16: COVID-19-Related Rent Concessions
28 May 2020
On 28 May 2020, the IASB issued final amendments to IFRS 16 related to COVID-19 rent concessions for lessees.
The amendments modify the requirements of IFRS 16 to permit lessees to not apply modification accounting to certain leases where the contractual terms have been affected due to COVID-19 (e.g. rent holidays or other rent concessions).
The amendments may be accessed here. BDO will issue publications and guidance on the application of the amendments shortly.