Amendments to FRS 102 and FRS 105

 


The Financial Reporting Council has recently issued Amendments to FRS 102 and FRS 105 – Covid-19 related rent concessions beyond 30 June 2021. These amendments extend the application of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic by one year.

The requirements, originally introduced into FRS 102 and FRS 105 in October 2020, apply to rent concessions that reduce only lease payments originally due on or before 30 June 2022, provided the other conditions for applying the requirements are met.

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Source: www.frc.org.uk