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.
Puerto Rico Lease Modification Adding One or More Entities as Tenant Parties
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US-OL210110
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FAQ
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.
Lease accounting under ASC 842 requires remeasurements when the event involves more than just a renegotiation of lease terms but also conditions including changes in the lessee's facts, assumptions or other circumstances. Companies should first evaluate if the contract modification contains a lease.
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.
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 modification increases the scope of the lease by adding the right to use one or more underlying assets; and. the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope, as adjusted for the particular circumstances of the contract.
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.
Reassessments are required when an event does not involve renegotiating the lease terms and conditions, but when facts, assumptions, or other circumstances change. For example, a lessee may change their decision about exercising an option within a lease.
