EFRAG publishes Draft Comment Letter on IASB's Exposure Draft Covid-19-Related Rent Concessions Beyond 30 June 2021 (Proposed Amendments to IFRS 16)
19 February 2021
On 11 February 2021, the IASB issued Exposure Draft ED/2021/2 Covid-19-Related Rent Concessions Beyond 30 June 2021 (Proposed Amendments to IFRS 16) (the ED). The proposed amendments extend eligibility period of the practical expedient in accounting for rent concessions granted as a direct consequence of COVID-19 from 30 June 2021 to 30 June 2022.
EFRAG has published its Draft Comment Letter in response to the ED. EFRAG has supported the proposed extension and the proposed transition requirements including that it should be applied on a modified retrospective basis, and that early adoption be allowed at the date of the IASB’s issuance of the extension of the amendment.
The Draft Comment Letter may be accessed here. Comments are requested by 22 February 2021.