COVID-19 RELATED RENT CONCESSIONS BEYOND 30 JUNE 2021: EXTENSION OF PRACTICAL EXPEDIENT -ADDITIONAL FAQs
13 April 2021
On 28 May 2020, the IASB issued amendments to IFRS 16, which provide relief for lessees in accounting for rent concessions granted as a direct consequence of COVID-19.
BDO has published several detailed publications on these amendments, including FAQs, which are available here. This includes IFR Bulletin 2020/11 Accounting for Rent Concessions: Lessee FAQs.
On 31 March 2021, the IASB amended IFRS 16 further to extend the time limit for one of the criteria that must be met in order for a lessee to apply the practical expedient to a rent concession.
This publication provides additional FAQs relating to the extension of the practical expedient.