IFRS 16 - Revision of Cancellable Period
Posted: 14 Jul 2021, 15:20
During my work I found a lease of 30 years with 10 year payment in advance but the lease agreement has a clause that if the asset is not being used for 5 years then the lease will stand cancelled & forfeited then entity applied for to increase the cancellable period for 2 years for which the entity is required to pay 1.8 million.
What will be the treatment as per IFRS 16?
What will be the treatment as per IFRS 16?