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Section 3065 requires changes in the provisions of an existing lease to be accounted for as a new lease. The economic consequences of COVID-19 have given rise to lease concessions, such as lease payment deferrals, reductions and waivers.
As a result of the health pandemic, the Accounting Standards Board decided to amend Section 3065 to provide relief for both lessees and lessors on accounting for rent concessions as a direct result of COVID-19.
This alert highlights key changes resulting from the amendments and considers some possible assurance implications.