The COVID-19 pandemic is requiring those responsible for the preparation of financial statements to reconsider whether assumptions and assessments previously made are still valid and appropriate which in turn is creating an additional burden on entities all over the world. In particular, MFRS 16 has become an area of focus for entities and the Malaysian Accounting Standards Board (MASB).
The MASB has therefore proposed a practical expedient to provide relief for lessees from lease modification accounting for rent concessions related to COVID-19. In this publication, we explain the current accounting requirements, the proposed practical expedient and how to apply it.
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If you would like to discuss any of the topics raised please contact us.
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