Coronavirus Prompts Changes to New Lease Accounting Rules

New lease accounting rules should be changed to make tracking rent concessions simpler for companies hit by the coronavirus crisis, and some other standards should be delayed, global standard setters decided Friday.

The International Accounting Standards Board recommended waiving a requirement for companies to recalculate lease agreements if they were allowed a break from payments during the pandemic. The IASB also voted to delay some planned changes to other accounting standards for up to a year, although it wouldn’t allow any further delays to new insurance rules being introduced in 2023, or to accounting standard changes necessitated by the introduction ...