29/04/2020 - EFRAG Public Outreach Covid-19-Related Rent Concessions 7 May 18:15 CEST
EFRAG is organizing a public outreach on the IASB ED/2020/2
Covid-19-Related Rent Concessions (amendment to IFRS 16) with the participation
of EFRAG CFSS on Thursday 7 May from 18:15 till 19:15, CEST
On 24 May 2020, the IASB has issued ED/2020/2 Covid-19-Related Rent Concessions Proposed amendment to IFRS 16 (the ED). The ED proposes an amendment to IFRS 16 Leases to permit lessees, as a practical expedient, not to assess whether particular covid-19-related rent concessions are lease modifications. Instead, lessees that apply the practical expedient would account for those rent concessions as if they were not lease modifications. The ED proposes no change for lessors.
This amendment is urgently needed to deal with the implications of the pandemic on such leases. Given the urgency of the matter both the IASB and EFRAG have substantially reduced their consultation periods and are having a fast track due process.
In order to receive timely input from our stakeholders, EFRAG is issuing both a Draft Comment Letter and a preparatory draft of the Endorsement Advice (both expected to be published around 1 May).
The issuance of a preparatory draft of the Endorsement Advice before the issuance of the final Amendment is to allow for the finalisation of the endorsement advice as soon as possible after the IASB has issued the amendment to IFRS 16. The preparatory draft of the Endorsement Advice is based on the assumption that the contents of the final Amendments will not be substantially different from the contents of the ED.
To help obtain stakeholder input, a public discussion/outreach will be held on Thursday 7 May from 18:15 till max 19:15 CEST
The input received from the outreach together with the comment letters received will be used as the formal outcome of the public consultation, for purposes of developing the EFRAG Final Comment Letter and EFRAG Final Endorsement Advice.
The deadline for comments on the DCL is 7 May, while comments on the preparatory draft Endorsement Advice are welcome by 20 May.
To participate in the event please register at firstname.lastname@example.org