Residential Lease Modifications

Amendment of Residential Lease - New Hampshire

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Amendment of Residential Lease - Louisiana

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Amendment to Lease or Rental Agreement - Connecticut

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Amendment to Lease or Rental Agreement - South Carolina

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Amendment of Lease Package - South Carolina

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Amendment to Lease or Rental Agreement - Rhode Island

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Amendment of Lease Package - Missouri

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Commonly Asked Questions about Residential Lease Modifications

How to account for lease modification?

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.

What is the difference between a lease modification and a lease reassessment?

A lease modification can be easily identified; it requires a substantive change that was not included in the original terms and conditions of the lease, while a lease reassessment can occur when assumptions and other events outside the lease have changed, which can be difficult at times to identify.

How do I account for lease modifications under ASC 842?

One of the conditions in ASC 842-10-25-8 for accounting for a modification as a separate contract is that [t]he modification grants the lessee an additional right of use not included in the original lease (for example, the right to use an additional asset). The additional right of use needs to be an additional

How does a lessee account for a modification that partially terminates an existing lease?

A partial termination should be recorded by adjusting the lease liability and right-of-use asset. The right-of-use asset should be decreased on a basis proportionate to the partial termination of the existing lease.

What qualifies as a lease modification?

IFRS 16 Leases contains detailed guidance on how to account for lease modifications. A lease modification is defined 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.

How do you record lease improvements?

Under ASC 840, tenant improvements (lease incentives) required the incentives to be reflected as a reduction to the minimum payments. Therefore, the lessee would record an asset for the improvement, and the incentive/reimbursement recorded as a deferred rent credit.

Which two conditions must be met for a contract modification to be accounted for as a new lease?

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.

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