Question
A lessee enters into a 5-year property lease with fixed annual rentals and variable payments linked to CPI, initially measured using the CPI at commencement. In Year 2, the CPI increases materially. In Year 3, the lease is amended to extend the term by 3 years and reduce the fixed rent from that date. The lessee uses the incremental borrowing rate (IB
- R on modification dates. Which accounting treatment best reflects the correct sequence for lease liability and right-of-use (RO
- U asset adjustments after: (i) the CPI change in Year 2, and (ii) the lease modification in Year 3, assuming no separate lease arises?
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