Each quarter, we provide a summary of newly effective and forthcoming standards as well as other significant accounting and financial reporting developments. This edition covers current developments in the quarter ended on March 31, 2021.

There are certain new requirements that are effective from January 1, 2021. Companies that have calendar year-ends and are preparing interim financial statements will need to consider the newly effective Interest Rate Benchmark Reform (IBOR) – Phase 21.

On March 31, 2021, the International Accounting Standards Board (IASB) issued amendments to IFRS 16 Leases2, which extends the practical expedient for rent concessions related to the COVID-19 coronavirus pandemic by one year. Lessees that had applied practical expedient to account for rent concessions will need to consider these amendments to the extent they have rent concessions that extend beyond June 30, 2021 which meet the criteria for use of the practical expedient. The amendments are effective for annual reporting periods beginning on or after April 1, 2021 with early application permitted.

Further information on these new requirements is provided in the section ‘Requirements effective in 2021’.

Most companies are likely to continue to be impacted by the COVID-19 coronavirus pandemic. Our Covid-19 financial reporting resource centre provides regularly updated information on potential accounting and disclosure implications for your company, focusing on the financial reporting impacts for 2021 period ends. Our latest IFRS Today podcast offers clear and concise points to consider on reflecting the impact of COVID-19 in year-end financial statements. In addition, our COVID-19 supplement to our Illustrative disclosures and Illustrative disclosures for banks illustrate disclosure examples related to accounting issues arising from the COVID-19 coronavirus pandemic.