HKFRS 16 Leases became effective for annual periods beginning on or after 1 January 2019. It replaces HKAS 17 Leases and the related Interpretation HK(IFRIC)-Interpretation 4 Determining whether an arrangement contains a lease. The new Standard introduces a single lessee accounting model that will require lessees to recognise assets and liabilities for all leases with limited exceptions.
In June 2020, the HKICPA issued Covid-19-related rent concessions, an amendment to HKFRS 16. The amendment permits lessees, as a practical expedient, not to assess whether particular rent concessions occurring as a direct consequence of the Covid-19 pandemic are lease modifications and instead to account for those rent concessions as if they were not lease modifications. This amendment does not affect lessors.
The Hong Kong Business Accountants Association (HKBAA) will hold an online seminar on 23 October 2020 (Friday) on the topic “HKFRS 16 Leases and the recent amendment”, details of which are as follows:
Date: 23 October (Friday)
Time: 6:30 pm – 8:00 pm (*CPD: 1.5)
*Remarks: require to login and join the whole seminar