IFR Bulletin - Amendments to IFRS 16 proposed by IASB for Lessees

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.

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.

We will provide you with further information and publications as the situation continues to develop.

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