IASB to discuss amendments to IFRS 16 and other IFRSs at 17 April 2020 meeting

The IASB will convene a meeting on 17 April 2020 to discuss the following matters:

• Narrow scope amendments to IFRS 16 relating to rent concessions granted as a result of COVID-19. These amendments would simplify the accounting for lessees and are similar to simplifications offered by the FASB recently;
• Defer the effective date of the amendments to IAS 1 – Classification of Liabilities as Current or Non-Current from 1 January 2022 to January 2023; and
• Deferral of other consultation period deadlines.

This meeting was not originally scheduled, but has been planned to address urgent needs as a consequence of COVID-19.

The IASB plans to ask the IFRS Trustees for shortened exposure draft periods for the amendments to IAS 1 and IFRS 16; 30 and 14 days respectively.

BDO has issued an IFRB on the topic of the potential amendments to IFRS 16, which is available here. The meeting papers for the 17 April 2020 IASB meeting may be accessed here.