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Announcement By The IASB In Response To The Impact Of COVID-19

IASB amends work plan and proposes amendment to IFRS 16

On the 17th April 2020, the International Accounting Standards Board (IASB) proposed an amendment to the leases Standard, IFRS 16, to help companies account for COVID-19-related rent concessions, such as rent holidays.

The proposed amendment will complement the educational materials published on 10 April 2020 to support companies applying the Standard.  A project has been added to the IASB’s work plan on the proposed amendment. You can follow developments in the project by registering for alerts. The IASB expects to publish the proposed amendment in the week ending 27th April 2020 with a 14-day comment period.

Deferral of effective date for the amendment to IAS 1

The IASB has also decided to propose extending by one year the effective date of an amendment to IAS 1 Presentation of Financial Statements, issued in January 2020: Classification of Liabilities as Current or Non-current.

A project on this proposed amendment has been added to the Board’s work plan. Those with an interest can follow developments in the project by registering for alerts. The Board expects to publish the proposed amendment in an exposure draft with a 30-day comment period in early May.

Extending consultation periods and delaying consultations

The Board also discussed other COVID-19-related matters and decided to extend by three months the comment period of three ongoing consultations to give stakeholders more time to respond:

Finally, several consultations planned for 2020 will be delayed until later in the year or to 2021.

A full summary of the Board’s supplementary meeting is available in the Supplementary IASB Update April 2020—impact of COVID-19.

References:

Kai Engel
Kai is an experienced Application Consultant and exceptional CPM architect. He is an Oracle HFM Certified Implementation Specialist and a former Tagetik CPM consultant. Kai also has considerable Solvency II Pillar 3 application implementation experience having held the Tagetik UK position of Solvency II Lead. Kai’s technical skills extend well beyond Tagetik and HFM, and he has spent his entire career on the project frontlines.

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