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How to Modify Lease Termination

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Welcome to Accounting Academy with Fitz and his dog FIFO, where they help people learn about accounting. In this session, they assist Paul, who owns a veterinary clinic chain called Pet Vet, with lease modifications. Paul is expanding his clinic by adding 1,000 square feet, but the new space is being added at a higher market rate than the original lease. Fitz and FIFO discuss how to account for these changes, recognizing that the cost of the expansion exceeds the previous rental agreement due to the updated market conditions.

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When there is a lease modification it should be accounted for as a separate lease if?

As can be seen from the diagram above, a modification will only be treated as a separate lease if it involves the addition of one or more underlying assets at a price that is commensurate with the standalone price of the increase in scope. 1 All other modifications are not accounted for as a separate lease.

Is a lease extension a lease modification?

The agreement to extend the lease is a modification because it was not contemplated in the original terms of the lease. Since the modification does not add the right to use one or more underlying assets, it does not meet the criteria in IFRS 16.44(a) to be accounted for as a separate lease.

What is the difference between lease modification and lease reassessment?

ing to the IFRS 16, A re-assessment of the lease liability takes place if the cash flows change based on the original terms and conditions of the lease. Changes that were not part of the original terms and conditions of the lease would be considered as lease modifications.

What is the effective date of a lease modification?

The date of remeasurement is the effective date of the lease modification (the date the change is approved by both parties to the lease contract) and is based on the remaining term and payments under the contract, as modified.

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

If the modified terms of the lease agreement reduce the lessees rights to the underlying asset(s), then it is accounted for as a partial or full termination. If the lease modification fully relinquishes the lessees rights to the underlying asset(s), the lessee accounts for the modification as a full termination.

What qualifies as a lease modification?

A lease modification includes adding or terminating the right to use one or more underlying assets, or extending or shortening the contractual lease term.

How do I account for lease modification under ASC 842?

If the modified terms of the lease agreement reduce the lessees rights to the underlying asset(s), then it is accounted for as a partial or full termination. If the lease modification fully relinquishes the lessees rights to the underlying asset(s), the lessee accounts for the modification as a full termination.

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

When a lease modification is accounted for as a new lease, the lessee accounts for the separate lease in the same way as any new lease, using a new discount rate. A lessee revises the discount rate when there is a modification that is not accounted for as a separate lease.

Is a lease modification the same as a lease amendment?

A modification of lease, also called a lease amendment or lease modification, is an agreement that formally changes the original terms and conditions of a lease. It allows the parties to agree to changes without having to sign an entirely new lease.

What is a lease modification ASC 842?

A lease modification is a change to the terms and conditions of a contract that results in a change in the scope of or the consideration for a lease (for example, a change to the terms and conditions of the contract that adds or terminates the right to use one or more underlying assets or extends or shortens the

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Modify Lease Termination