Notice is hereby given, pursuant to section 24 of the Financial Reporting Act 2013, that the New Zealand Accounting Standards Board of the External Reporting Board has issued Covid-19-Related Rent Concessions beyond 30 June 2021 which amends NZ IFRS 16 Leases.

Covid-19-Related Rent Concessions beyond 30 June 2021:

• applies to all Tier 1 and Tier 2 for-profit reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or by law;
• applies to annual periods beginning on or after 1 April 2021, with early application permitted;
• takes effect from the date of the notification of its issue in the New Zealand Gazette, pursuant to section 27(2)(a) and (b) of the Financial Reporting Act 2013; and
• is a disallowable instrument for the purposes of the Legislation Act 2012.

Copies of the standard may be inspected free of charge at the offices of the External Reporting Board (XRB), Level 7, 50 Manners Street, Wellington. Copies are also available on the XRB’s website at www.xrb.govt.nz.

Dated this 23rd day of April 2021.

CAROLYN CORDERY, Chair, New Zealand Accounting Standards Board.