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Coronavirus (COVID-19)—FCA and FRC permit issuers to temporarily rely on amended IFRS 16

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Published on: 18 August 2020

Published by LNB News

LNB News 18/08/2020

Document Information

Issue Date: 18 August 2020

Published Date: 18 August 2020

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) have announced temporary relief for issuers who choose to use the amended International Financial Reporting Standard (IFRS) 16 during the coronavirus (COVID-19) pandemic and its aftermath. IFRS 16 was amended by the International Accounting Standards Board (IASB) in May 2020 to provide practical relief to lessees in accounting for rent concessions granted due to COVID-19.

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