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13 Aug. 2020

Tier 2 Disclosures for Covid-19-Related Rent Concessions

Entities reporting under Tier 2 (Simplified Disclosures) will be required by AASB 2020-7 to make the same COVID-19-related rent concession disclosures as entities complying with the disclosure requirements in AASB 16.

The AASB has issued AASB 2020-7 Amendments to Australian Accounting Standards – COVID-19-Related Rent Concessions: Tier 2 Disclosures.

AASB 2020-7 amends AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to ensure that entities applying AASB 1060 continue to have all their disclosure requirements in one place.

AASB 2020-7 applies to annual periods beginning on or after 1 July 2021. Earlier application is required if the entity is applying AASB 1060 and AASB 2020-4 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions to the period.

Tier 2 entities reporting under Australian Accounting Standards – Reduced Disclosure Requirements (RDR) are required to comply with the rent concession disclosures in AASB 16, subject to the disclosure relief also added to AASB 16 by AASB 2020-4.