Quick Summary
As a result of the deadly Covid-19 pandemic, many lessors around the world have provided, or are expected to provide, rent concessions to lessees, as a relief. Such rent concessions are particularly prevalent for leases of retail property and, in some cases, are encouraged or required by governments
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FAQ :
The ICAI is proposing amendments to IFRS-16 to provide practical relief for lessees who receive rent concessions due to the COVID-19 pandemic.
The proposed amendments are primarily aimed at lessees, offering them relief in accounting for rent concessions.
Lessees will be permitted, as a practical expedient, not to assess whether COVID-19-related rent concessions are lease modifications. They can account for them as if they were not modifications.
No, the proposed amendment currently suggests no changes for lessors.
The proposed amendments are applicable for COVID-19 related rent concessions for annual reporting periods beginning on or after 1 June 2020.
Stakeholders can submit comments electronically via the ICAI website or by emailing commentsasb@icai.in by May 05, 2020.
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