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This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board). Projects affected by these decisions can be found on the work plan.

The Board's final decisions on IFRS® Standards, Amendments and IFRIC® Interpretations are formally balloted as set out in the IFRS Foundation's Due Process Handbook.

The Board met remotely for a supplementary meeting on 10 March 2021.


Maintenance and consistent application

Maintenance and consistent application

IFRS 16 and covid-19 (Agenda Paper 32)

The International Accounting Standards Board (Board) held a supplementary meeting on 10 March 2021 to:

  • consider feedback on the February 2021 Exposure Draft Covid-19-Related Rent Concessions beyond 30 June 2021, which proposed an amendment to IFRS 16 Leases; and
  • redeliberate the project proposal in the light of that feedback.

Feedback and project redeliberations (Agenda Paper 32A)

The Board tentatively decided to finalise the proposal in the Exposure Draft with an additional explanatory transition paragraph.

Ten of 12 Board members agreed with this decision. One Board member was absent.

Due process and permission to ballot (Agenda Paper 32B)

The Board decided to begin the balloting process for the amendment to IFRS 16 without re-exposing it. Twelve Board members agreed with this decision. One Board member was absent.

Twelve Board members confirmed they were satisfied the Board has complied with the applicable due-process requirements to begin the process for balloting the amendment to IFRS 16. One Board member was absent.

Two Board members indicated that they intend to dissent from the amendment to IFRS 16.

Next step

The Board plans to issue the amendment to IFRS 16 on 31 March 2021.