More Changes Brewing for Global Lease Accounting Rules

More changes are brewing for a controversial global lease accounting standard that has already been changed twice since its introduction in 2019.

The IFRS Interpretations Committee agreed at a meeting Tuesday to have changes made to the accounting rules for rent concessions under a leasing contract. It would be the third round of changes to International Financial Reporting Standard 16 Leases.

• Eleven of the 14 committee members voted for the International Accounting Standards Board to look again at the rules for lease concession accounting so that rental holidays did not necessarily have to be recorded as modifications for accounting purposes, ...