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Accounting Standards for Private Enterprises

Leases

Summary

In November 2020, the AcSB amended Section 3065 to provide an option for both lessees and lessors to not account for COVID-19-related rent concessions as new leases. This 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 to lessees that extend beyond December 31, 2021, the AcSB proposes to extend the optional relief for both lessees and lessors to December 31, 2022.

Staff Contact(s)

Katharine Christopoulos, CPA, CA Director, Accounting Standards Board

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

Project Status

  • Information gathering

    Completed prior to June 2021.

  • Approving project

    The AcSB issued an Exposure Draft in June 2021.

  • Engaging Communities

    The AcSB issued its Exposure Draft in June 2021. Stakeholders are encouraged to provide comments by July 30, 2021.

  • Deliberating feedback

    The AcSB is deliberating feedback on its Exposure Draft.

  • Final pronouncement

    The final amendments will be issued in the CPA Canada Handbook – Accounting in December 2021.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.