In this edition, we discuss the hot topic of coronavirus, including how lessors and lessees account for COVID-19-related rent concessions, as well as additional financial statement disclosures that may be required as a result of COVID-19.
In our IFRS 16 series, we look at examples where lessees may not have realised that they have lease modifications, including where a new lease contract is signed for the same premises before the end of the lease term.
In our NFP series, we remind NFP private sector entities preparing special purpose financial statements at June 2020 that there are additional disclosures regarding their extent of compliance with the recognition and measurement requirements in Australian Accounting Standards.
In Australian developments, good news for AFS licensees is that ASIC has indicated it will take no action if ROU assets result in potential breaches of financial resource requirements.
Lastly, in our international developments section, the IASB has approved the deferral of IFRS 17 Insurance Contracts by two years, and we summarise recent annual improvements and other amendments to IFRS standards, including reference to new eLearning materials available.