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9 Jul. 2020

Exposure Draft: Covid-19-Related Rent Concessions: Tier 2 Disclosures

ED 303 Covid-19-Related Rent Concessions: Tier 2 Disclosures proposes amendments to AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities, which will ensure that entities applying AASB 1060 continue to have all disclosure requirements in one place.

The amendments clarify that entities reporting under the Tier 2 – Simplified Disclosures framework, that have applied the practical expedient for COVID-19-related rent concessions in AASB 16 Leases, should make the same disclosures and get the same disclosure relief as those that have to comply with the disclosure requirements in AASB 16.

Noting that the practical expedient is already available for early adoption as at 30 June 2020, the Board agreed on a short exposure period of 14 days, meaning that comments on the proposals are due by 23 July 2020.  

Please submit your comments to the AASB via the AASB website, LinkedIn or email.