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Video Guide on Lease Modification Packages management

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Commonly Asked Questions about Lease Modification Packages

Common situations where a lease requires reassessment or remeasurement include: The lease terms and conditions change, such as terms being extended. Company leaders reconsider exercising a purchase option. The company determines the amount of a lease incentive that was unknown at adoption. Lease Reassessment and Remeasurement Requirements Sensiba resources insights lease-reasses Sensiba resources insights lease-reasses
Account for the lease modification as a termination of the original lease and creation of a new lease from the effective date of the modification. Measure the carrying amount of the underlying asset as the net investment in the original lease immediately before the effective date of the modification.
IFRS 16 defines a lease modification as A change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease (for example, adding or terminating the right to use one or more underlying assets, or extending or shortening the contractual lease term). 4.12. Lease modifications Viewpoint industry realestate1INT Viewpoint industry realestate1INT
A lessee and lessor may agree to modify a lease to both (1) include an additional right of use at its stand-alone price and (2) change the scope of or consideration for the existing right of use. In such cases, the parties to the lease cannot account for the additional right of use as a separate contract.
In other words, extending the contractual term of a lease meets the definition of a lease modification regardless of whether the extension is effected through an amendment of the existing lease or entering into a new contract. Lease modifications extending the lease term - Deloitte Deloitte Deloitte Documents audit Deloitte Deloitte Documents audit
Decrease in the scope of a lease Both the right-of-use asset and lease liability are reduced to account for a partial or full termination of the lease, and. Any gain or loss arising from this derecognition is immediately recognised in profit or loss. Lease Modifications (IFRS 16) - IFRScommunity.com IFRS Community knowledge-base ifrs-16-le IFRS Community knowledge-base ifrs-16-le