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IFRS Developments 170 - IASB amends IFRS 16 for covid-19 related rent concessions
In May 2020, the IASB amended IFRS 16 to provide relief to lessees from applying lease modification accounting to COVID-19 related rent concessions
The International Accounting Standards Board (the IASB or Board) issued Covid-19-Related Rent Concessions - amendment to IFRS 16 Leases (the amendment). The relief provided by the amendment applies to lessees only. Lessors are required to apply the existing requirements of IFRS 16.
The amendment applies to annual reporting periods beginning on or after 1 June 2020 and may be applied early.