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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?

According 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.

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.

What qualifies as a lease modification?

A lease modification is a change to the terms and conditions of a contract resulting in a change to either the scope or consideration for a lease. This could be a change that either adds or terminates the right to use a portion or all of the underlying asset(s) or changes the lease term.

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.

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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.

How would a lessee account for the impact of a lease modification?

How should Lessee Corp account for this lease modification? Lessee Corp should account for the lease modification as a separate contract because the modification granted Lessee Corp an additional right of use at a price that is commensurate with the standalone price for the additional space.

What is considered a lease modification?

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.

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

The two criteria are: The modification grants the lessee an additional right-of-use not specified in the original lease (for example, the right to use additional assets or additional floors/space in a building)

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.

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Is a lease extension a lease modification?

What is the difference between lease modification and lease reassessment?

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

What qualifies as a lease modification?

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

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Is a lease extension a lease modification?

How would a lessee account for the impact of a lease modification?

What is considered a lease modification?

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

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

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Get the up-to-date Lease Modification Adding One or More Entities as Tenant Parties 2024 now

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How to change Lease Modification Adding One or More Entities as Tenant Parties online

Complete this form in 5 minutes or less

Got questions?

Is a lease extension a lease modification?

What is the difference between lease modification and lease reassessment?

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

What qualifies as a lease modification?

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

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Is a lease extension a lease modification?

How would a lessee account for the impact of a lease modification?

What is considered a lease modification?

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

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

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