IND AS 116

Financial Reporting

Hello Sir, What is the difference between modifying the lease term and revision of lease term?

Suresh Avinash

CA Final

★ 3K+

01-Mar-23 23:02

456

Answers (3)

Modified accounting means team and conditions don't exist at the time of contract respect to such changes Revision contract means terms and conditions related to change already existed at the time of entry in contract

Sanjib kumar sahoo

CA Final

★ 5

02-Mar-23 06:29

modifying the lease term refers to any changes made to the length of the lease agreement, while revision of lease term specifically refers to changes resulting from the exercise of an option by either party.

shivaji hari

CA Inter

★ 3K+

02-Mar-23 11:06

A Lease Modification is - Change in scope or consideration which was not a part of original lease contract. Are you asking about term (time) or term (conditions)

CA Suraj Lakhotia

Admin

04-Mar-23 04:45