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Proposed amendment to FRS 102 re: rent concessions

The Financial Reporting Council (FRC) have released a proposed amendment to FRS 102/ FRS 105 dealing with COVID-19 related rent concessions.

Where a rent reduction or rent holiday has been granted, it is proposed that the change in lease payments will simply be recognised over the periods that the change in lease payments is intended to compensate. 

The amendments to UK GAAP are proposed to be effective for accounting periods commencing on/after 1 January 2020, with early adoption permitted. 

The Exposure Draft can be accessed here: https://bit.ly/3eVygXV