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IFRS 16 Leases: Standard's novation and the impact of the COVID-19 pandemic on the accounting and reporting information disclosure

Subject. This article discusses the methodological features of the present-day accounting for rental transactions and disclosure of the relevant reporting information in accordance with IFRS, taking into account the impact of the COVID-19 pandemic on organizations' activities.
Objectives. The article aims to argue the present-day interpretation of rental transactions and their reflection in accounting and reporting in connection with the entry into force of IFRS 16 Leases, based on an analysis of the content of IFRS 16 amendments published by the International Accounting Standards Board (IASB) in May 2020 in connection with the COVID-19 pandemic. The article also intends to systematize the basic requirements for disclosure of additional information in financial statements in connection with the negative impact of the COVID-19 pandemic on the activities of Russian organizations, and define promising directions of the development of the theory and practice of accounting of rental operations in accordance with the existing paradigm of IFRS development.
Methods. For the study, I used content analysis, systematization, and classification techniques, and the abstract-logical method.
Results. The article describes the distinctive features of the new methodological approaches to disclosure in accordance with IFRS 16 compared to the previous standard. The article also identifies possible approaches to the financial reporting of lease-related concessions considering COVID-19.
Conclusions. The impact of the COVID-19 pandemic has been particularly devastating for the service industry concerning rental operations. The article arrives at the conclusion that it is necessary and possible for tenants to disclose the associated additional reporting information.