Covid-19-Related Rent Concessions beyond 30 June 2021

Background

On 31 March 2021 the IASB published its amendment Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) (the March 2021 Amendment).

The March 2021 Amendment only extends the availability of the optional practical expedient by a year—from payments due on or before 30 June 2021—to payments due on or before 30 June 2022. The practical expedient is conditional on the conditions set out in the May 2020 Amendments being met.  

What are the timelines for UK endorsement and adoption of Covid-19-Related Rent Concessions beyond 30 June 2021?

The UKEB secretariat has published a draft UK Endorsement Criteria Assessment on the IASB’s amendment Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16).

The UKEB secretariat welcomes stakeholders’ views to inform its recommendation to the BEIS Secretary of State to adopt the Amendment in the UK. 

The Invitation to Comment and draft UK Endorsement Criteria Assessment can be found below. Please respond no later than close of business on Wednesday 5 May 2021 to UKEndorsementBoard@endorsement-board.uk 

The unaccompanied Amendment Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) can be found on the IASB’s website be found here

Contact

UKEndorsementBoard@endorsement-board.uk 


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