Lease Concessions Related to COVID-19: Implications on Lessor Accounting (On Demand)


On 28 May 2020, the Accounting Standards Council (ASC) has issued Amendment to SFRS(I) 16: Covid-19-Related Rent Concessions and Amendment to FRS 116: Covid-19-Related Rent Concessions, effective for annual reporting periods beginning on or after 1 June 2020. The option practical expedients in this amendment are for lessees only. Lessees can elect to account for such rent concessions in the same way as they would if they were not lease modifications. The practical expedients do not apply to lessor.

This is in line with the IASB’s published amendment to IFRS 16 which provides an optional practical expedient for lessees only from assessing whether a rent concession related to COVID-19 is a lease modification.

For lessors, consideration must be made in determining whether the concessions are lease modifications or not. Judgement might be needed to determine the appropriate accounting treatment for lease concessions that are made in the context of COVID-19. Depending on the facts and circumstances, the substance of the concession might be appropriately accounted for as (negative) variable lease payments, forgiveness of some of the lease payments, deferral of some of the lease payments, or a lease modification.

This webinar aims to cover different concessions and their implications on lessor accounting:

  • Accounting implications of a force majeure clause in a lease contract in the context of COVID-19
  • Accounting implications of government actions in the context of COVID-19
  • Accounting by lessors for voluntary forgiveness of amounts contractually due for past rent
  • Accounting by lessors for voluntary forgiveness of amounts in advance of them being due
  • Other concessions – new lease or separate lease

This workshop qualifies for 2.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

Target Audience

Accountants and Auditors

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).

The webinar was recorded on 26 August 2020

  • Elearning
    • PD hours: 2
    Complete online at your own pace (Self-paced)
    • $214.00 incl. GST (7%)

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