Rent concessions as a result of COVID-19 – A Closer Look
Almost two months after the who declared the COVID-19 epidemic a pandemic, and while lockdown measures and other government decisions seek to provide answers to the health and economic crisis unfolding before our eyes, the business impacts of the disease are already very significant.
Keywords: Mazars, COVID-19, IASB, IFRS 16, Rent concessions
30 June 2020
In view of this emergency, numerous players are taking action, not least the IASB, which is proposing amendments to IFRS 16 through an accelerated due process. These amendments would exempt lessees from conducting complex analyses in order to assess whether rent concessions granted by lessors are contract modifications (which would entail spreading the benefit, rather than an immediate impact in profit or loss).
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