IASB proposes amendment to IFRS 16 and agrees extensions to consultation deadlines
The IASB has announced a proposed amendment to IFRS 16, Leases, and the extension to three of their ongoing consultation periods.
The International Accounting Standards Board (IASB) intends to issue an Exposure Draft, with a 14-day comment period, on a proposed amendment to IFRS 16, Leases, during the week commencing 20 April 2020. The decision was taken during a supplementary Board meeting held on 17 April 2020 to discuss COVID-19 related issues.
On the same date, the Board announced that it will be extending, by three months, the response period for three of its ongoing consultations during the COVID-19 crisis to give stakeholders more time to respond.
The consultations concerned are:
Exposure Draft: General Presentation and Disclosures. The previous deadline was 30 June 2020 which will now be extended to 20 September 2020.
Request for Information: Comprehensive Review of the IFRS for SMEs Standard. The previous deadline was 27 July 2020 which will now be extended to 27 October 2020.
Discussion Paper: Business Combinations: Disclosure Impairment and Goodwill. The previous deadline was 15 September 2020 which will now be extended to 15 December 2020.
The Board has also tentatively decided to extend by one year the effective date of an amendment to IAS 1 Presentation of Financial Statements, issued in January 2020: Classification of Liabilities as Current or Non-current. If approved, the effective date for this amendment will apply to accounting periods beginning on or after 1 January 2023. A project on this proposed amendment has been added to the Board’s work plan. Those with an interest can follow developments in the project by registering for alerts. The Board expects to publish the proposed amendment in an exposure draft with a 30-day comment period in early May.
Several further consultations, which were originally planned for 2020, will be delayed until later in the year or to 2021.
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