Skip to main content

Accounting Standards for Private Enterprises

AcSB Exposure Draft – Leases

Summary

The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to amend Section 3065, Leases in Part II of the CPA Canada Handbook – Accounting. This amendment would extend the relief period for both lessees and lessors on accounting for lease modifications received or granted as a result of the COVID-19 pandemic to December 31, 2022. This amendment would also apply to not-for-profit organizations (NFPOs) applying the standards in Part III of the Handbook, as relevant.

Staff Contact(s)

Katharine Christopoulos, CPA, CA Director, Accounting Standards Board

Phone number  +1 416 204 3270
Email address  [email protected]

Read what stakeholders had to say about the AcSB Exposure Draft, Leases

Leases Responses

Support Materials

Leases

Background

In November 2020, the AcSB amended Section 3065, Leases to provide an option for both lessees and lessors to not account for COVID-19-related lease modifications as new leases. The existing relief is limited to lease payments originally due on or before December 31, 2021. In response to the ongoing effects of the COVID-19 pandemic and the possibility that lessors may grant rent concessions past December 31, 2021, the AcSB proposes to extend the optional relief for both lessees and lessors to December 31, 2022.