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.
Colorado Lease Modification Adding One or More Entities as Tenant Parties
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Multi-State
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US-OL210110
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FAQ
The lease liability is remeasured under the following circumstances (IFRS 16.40,42): Change in the lease term assessment. Reassessment of an option to purchase the underlying asset. Revision to the amounts expected to be payable under a residual value guarantee.
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.
Lease modification: 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).
At the time of the modification, the lease liability is remeasured by calculating the present value of the remaining future lease payments at the discount rate at the date of the modification.
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).
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.
Reassessment of the lease liability A lessee shall recognise the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.
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.
