Kings New York Modification of a Lease to Extend the Term and Increase the Base Rent
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FAQ
Modification to terminate all or part of the lease If the lease modification fully relinquishes the lessee's rights to the underlying asset(s), the lessee accounts for the modification as a full termination. At the time of termination, the lessee removes the outstanding lease liability and ROU asset from their books.
A lease modification is a change to the terms and conditions of a contract resulting in a change to either the scope or consideration for a lease. This could be a change that either adds or terminates the right to use a portion or all of the underlying asset(s) or changes the lease term.
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.
Accounting for operating leases A lessor recognizes operating lease payments as income on a straight-line basis or, if more representative of the pattern in which benefit from use of the underlying asset is diminished, another systematic basis. Accounting for an operating lease under ASC 842 is basically the same.
A lessee should account for any direct costs, lease incentives, or other payments made by the lessee or lessor in connection with a lease modification in the same manner as those items would be accounted for in connection with a new lease. See LG 4.2. 2.2 for information on direct costs. See LG 3.3.
A lessor's accounting for a lease modification depends on the type of modification made to the lease. Depending on the changes made to the lease contract, a lease modification can result in either a separate new contract (i.e., accounted for separate from the original contract) or a new modified contract.
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.
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.