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ICAS encourages a principles-based review of IFRS 16, Leases

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By Anne Adrain, Head of Sustainability and Reporting

3 March 2021

Main points:

  • ICAS has responded to a recent consultation by the IASB on COVID-19-related rent concessions beyond 30 June 2021.
  • The proposal extends the availability of the existing practical expedient in IFRS 16, Leases, to 30 June 2022.
  • ICAS welcomes the extension but encourages the IASB to consider a principles-based review of IFRS16 to ensure it is future proof.

ICAS has responded to the IASB proposal to amend IFRS 16, Leases, for COVID-19-related rent concessions beyond 30 June 2021.

The International Accounting Standards Board (IASB) recently consulted on proposals to extend the availability of the practical expedient in paragraph 46A of IFRS 16, Leases, to apply rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022.

The previous relief applied to any reduction in lease payments affecting only payments originally due on or before 30 June 2021.

ICAS has responded to the consultation in support of an extension to the relief but has highlighted that there is still a great deal of ongoing uncertainty around when the current lockdown and trading restrictions might be lifted. As a result, certain industries and sectors may require relief beyond the proposed extended end date of 30 June 2022.

The ICAS response encourages the IASB to consider undertaking a principles-based review of IFRS 16, in line with our ‘Principles not rules’ position, to learn from some of the application issues highlighted by the pandemic and to make the standard future proof.

Read the ICAS response

FRC issues statement on Amendment to IFRS 16 – COVID-19-Related Rent Concessions

By Anne Adrain, Head of Sustainability & Reporting

19 August 2020

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