Guam Correction to Description in Communications Site Lease
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How to fill out Correction To Description In Communications Site Lease?
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FAQ
A. The modification grants the lessee an additional right of use not included in the original lease (for example, the right to use an additional asset). b. The lease payments increase commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract.
As discussed in LG 9.2. 5, ASC 842 requires certain quantitative disclosures. One such disclosure relates to supplemental noncash information on lease liabilities arising from obtaining right-of-use assets. Furthermore, ASC 230 requires disclosure of all non-cash investing and financing transactions.
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.
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.
Begin with the reported operating income (EBIT). Then, add the current year's operating lease expense and subtract the depreciation on the leased asset to arrive at adjusted operating income. Finally, to adjust debt, take the reported value of debt (book value of debt) and add the debt value of the leases.
A lease modification, as defined by ASC 842, refers to changes in the terms and conditions of a lease that result in an alteration of the lease's scope or consideration. These modifications require specific accounting treatment to ensure compliance with ASC 842.
IFRS 16 Leases contains detailed guidance on how to account for lease modifications. 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.
If a lease modification creates a separate lease, the lessee makes no adjustments to the original lease and accounts for the separate lease the same as any new lease. For a modification that is not a separate lease, the lessee's accounting depends on the nature of the modification.
