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† Lease –is a CONTRACT or PART OF A CONTRACT, that conveys RIGHT TO USE an asset (the UNDERLYING ASSET)
for a period of time in exchange for consideration.
† A contract is or contains, a lease if the contract conveys the RIGHT TO CONTROL THE USE of an IDENTIFIED
ASSET for a period of time in exchange for a consideration (PFRS 16)
† Right to control:
-RIGHT to obtain SUBSTANTIALLY ALL of the economic benefits from the use of the identified assets
-RIGHT to DIRECT THE USE of the identified assets
 Right to direct how and for what purpose the asset is used throughout the period of use
 The asset’s use is predetermined and the supplier is precluded from changing that predetermined use
† Protective rights include CONTRACTUAL RESTRICTIONS designed to protect the supplier’s interest in the asset
or its personnel, or to ensure compliance with laws or regulations
-maximum amount of use or limit
-require particular operating procedures
-require a customer to inform the supplier of changes on how an asset will be used
† IDENTIFIED ASSET is the one that is EXPLICITLY STATED in the contract or by being IMPLICITLY specified at the
time the asset is made available for use by the customer
-physically distinct (whole or a portion)
-lessor has NO SUBSTANTIVE SUBSTITUTION RIGHT to substitute throughout the period of use. The following pertains to lessor’s right
considered as Not SUBSTANTIVE.
 Substitution occurs only on a particular date or upon the occurrence of a specific event
 Substitution occurs only during repairs, maintenance, or upgrading
† Initial Measurement of Lease Liability:
-Measured at PV of the LEASE PAYMENTS (at the COMMENCEMENT DATE) which includes:
 In-Substance Fixed Payments, Variable Lease Payments based on an INDEX or a RATE
 PV of Guaranteed Residual Value
 PV of Purchase Option
 PV of Penalty for Lease Termination (if lease reflects the lessee exercising an option to terminate the lease
† Subsequent Measurement of Lease Liability:
-measured similar to an amortized cost financial liability but remeasured to reflect any reassessment or lease modifications
-interest expense is computed using ER
-Lease payments (annual payment) is apportioned between the interest expense and the reduction of lease liability
(Note: As each period passes, interest expense for each period decreases while amortization increases)
† Initial Measurement of Right-of-Use:
-measured at COST which includes:
 Initial measurement of the LEASE LIABILITY
 Lease payments made at or before the commencement date less ANY INCENTIVES RECEIVED
 Initial direct cost incurred
 PV of decommissioning and restoration cost for which the entity has incurred an obligation, unless those cost are incurred to
produce inventories
† Subsequent Measurement of Right-of-Use:
-measured using COST MODEL, except when:
 It relates to a class of PPE measured under the revaluation method, in which case, the asset may be measured using the
revaluation method
 It meets the definition of an investment property and the entity uses the fair value model, in which case, the asset is measured
under the fair value method
† Cost Model measures an asset at COST:
-less any accumulated depreciation, and any accumulated impairment losses
-adjusted for any remeasurement of the lease liability
† The lessee starts depreciating the underlying asset from the commencement date over its USEFUL LIFE if:
-lease contract provides for transfer of ownership to the lessee by the end of the lease term
-there is a reasonable certainty that the lessee will exercise a purchase option
(Note: In any other case, the lessee depreciates the underlying asset over the SHORTER of the assets’s useful life and the lease term
† Annual depreciation is based on the amount of Right-of Use Asset divided by its useful life
† RECOGNITION EXEMPTION give the lessee the option not to apply the recognition requirements for the
recognition of lease liability and right-of-use for:
-SHORT-TERM assets (has a lease term of 12 months or less. Note: 1. a lease that contain a purchase option is not a short-term lease 2. A
lease term that could be terminated after the 1st year in which the lessee is reasonably certain to exercise such option could be treated as
-LOW VALUE underlying assets (assessment of value is when the asset is new regardless of aged of the asset being leased i.e. computer,
small office furniture, telephones)
† Leased assets under the RECOGNITION EXEMPTION is recognized as an expense on a STRAIGHT-LINE BASIS
over the lease term, unless another systematic basis is more representative of the pattern of the lessee’s
† Separating the components of the contract –uses standalone prices to allocate
-Lease component -
-Non-lease component
 -maintenance
 -security services
 -supply of utilities
 -supply of goods
 -supply of operational services
 Accounted separately if it TRANSFERS GOODS or SERVICES to the lessee
 Not accounted separately if it DO NOT TRANSFERS goods or services to the lessee
-administrative task
-real property taxes
-insurance cost where lessor is the beneficiary
† Lease of multiple asset is considered a separate lease component if both criteria are met:
-lessee can benefit from the asset on its own or together with other resources that are readily available to the lessee
-underlying asset is neither HIGHLY DEPENDENT on, nor HIGHLY INTERRELATED with the other assets in the contract
† Allocation of the consideration of the contract to each lease components is based on their RELATIVE
† PRACTICAL EXPEDIENT is an approach allowed by PFRS 16 wherein the lease and non-lease component of the
contract is not separated but rather account them as a single lease component. (Note: this could result in an
increase in recognized lease liability and right-of-use and could have implications for impairment
† In-substance Fixed lease payments are payments that are variable in legal form but, in substance, are
-payments to be made ONLY if an asset is proven to be capable of operating during the lease
-occurrence of an event that has no genuine possibility of non-occurrence
-variable payments where variability will be resolved in the future
† Lease Incentives are payments made by a lessor to a lessee associated with a lease, or the reimbursement or
assumption by a lessor of cost of a lessee
† Variable Lease Payments – varies because of changes in facts or circumstances occurring after the
commencement date, other than the passage of time
-Payments that vary based on an index or rate are included in measuring the lease payment
-Payments that vary based on future usage of the leased asset are not included in the lease payments
-Variable payments that are in-substance fixed payments are included in the lease payments
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