This lease clause states that the landlord and the tenant agree that the lease [sublease] is modified, and illustrates the terms and conditions of the modifications of the lease.
This lease clause states that the landlord and the tenant agree that the lease [sublease] is modified, and illustrates the terms and conditions of the modifications of the lease.
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The lessee shall remeasure the lease liability to reflect those revised lease payments only when there is a change in the cash flows (ie when the adjustment to the lease payments takes effect).
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.
Lease Modifications under ASC 842 A lease modification occurs when there is a change in the scope or consideration of a lease that was not part of the original terms and conditions. Examples of lease modifications include changes to the lease term, adjustments to the leased space, or modifications to the lease payment.
Operating lease modifications If the original lease is an operating lease, the lessor accounts for the modification as a new lease from the effective date of the modification, including any prepaid or accrued lease payments relating to the original lease in the lease payments for the new lease.
As can be seen from the diagram, 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 treated as a separate lease.
In order to calculate the selling profit or loss on the lease, the fair value of the underlying asset is its fair value at the effective date of the modification and its carrying amount is the carrying amount of the net investment in the original lease immediately before the effective date of the 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.
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.