Just wanted to get people's thoughts around lease renewals. If a completely new lease contract is negotiated over an existing underlying asset that you are currently leasing.
The new lease contract is wholly separate to the current lease contract, the only commonality is that they are both over the same underlying asset.
Would the new lease be considered a new lease under the accounting standard, or an modification of the existing lease?
The new lease contract is wholly separate to the current lease contract, the only commonality is that they are both over the same underlying asset.
Would the new lease be considered a new lease under the accounting standard, or an modification of the existing lease?