IFR Bulletin 6 | 2020
20 May 2020
IFR Bulletins focus on the latest developments in international financial reporting.
In this issue: As a result of the COVID-19 pandemic, changes are being made to leases, such as lessors providing ‘rent holidays’ to lessees. On 10 April 2020, in response to questions which have been raised about the application of IFRS 16 to these changes, the IASB issued a document for educational purposes, but did not propose amendments to IFRS 16. The IASB held a new meeting on 17 April 2020 to propose narrow-scope amendments to IFRS 16 to offer relief to lessees. The description of the proposed practical expedients below are based on the staff paper discussed on 17 April 2020 and IASB discussions. The eventual exposure draft and if approved, final amendments, may differ from the summary below.