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 Secretary of State for BEIS adopted the Amendments for use by UK companies on 12 May 2021. 

Contact

UKEndorsementBoard@endorsement-board.uk