This form is used when Lessor releases and discharges Lessee, and all its officers, directors, agents, employees, contractors, and their successors and assigns from any and all claims, demands, or causes of action arising from or growing out of all injuries or damages, if any, of every character, kind, and description sustained by Lessor personally, or to Lessor's property and lands, whether now apparent or known to Lessor, or which may later develop as the result of Lessee's Activities.
Puerto Rico Release of Lessor's Claims Against Lessee Arising from Operations
Category:
State:
Multi-State
Control #:
US-OG-394
Format:
Word;
Rich Text
Instant download
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FAQ
Lessor accounting for operating leases Depreciate the asset in a manner that is consistent with the lessor's normal depreciation policy for similar assets.
Lease disclosures under the new standard (ASC 842) are intended to give financial statement users a better understanding of an entity's leasing activities, helping them ?assess the amount, timing, and uncertainty of cash flows arising from leases.? Learn more about some common pitfalls and ways to get disclosure right.
A lessor shall disclose a reconciliation of the undiscounted cash flows to the lease receivables recognized in the statement of financial position (or disclosed separately in the notes). A lessor is also required to disclose its lease income in a tabular format in each annual and interim reporting period.
For operating leases, ASC 842 requires recognition of a right-of-use asset and a corresponding lease liability upon lease commencement. With the changes introduced under ASC 842, all leases are now presented on both the balance sheet and income statement whether they are operating or finance (capital) leases.
The lessor will recognize lease revenue on a straight-line basis and account for any differences in cash received using a deferred rent receivable or a deposit liability account. The balance sheet will continue to display the operating lease assets separately, along with the associated accumulated depreciation.
Under ASC 842, a lessor excludes from the consideration in the contract, and therefore from lease payments, most variable payments related to the use of the asset (such as the volume of electricity generated by a solar farm).
In particular, a lessor should disclose all of the following: Its risk management strategy for residual assets. The carrying amount of residual assets covered by residual value guarantees (excluding guarantees considered to be lease payments for the lessor.
