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lease liability

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › lease liability

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • July 7, 2021 at 4:30 pm #627173
    Noah098
    Member
    • Topics: 935
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    sir my text states that lease liability meets the definition of a “liability” as per Conceptual Framework. Now, liability as per Conceptual Framework is “Present obligation to transfer an economic resource as a result of a past event.”

    But what am struggling to understand is how the lessee has a “PRESENT” obligation to transfer cash as a result of coming into the lease contract?

    I mean its understandable to say the there is a Present obligation for the current lease liability portion, but not so for the non-current portion of the lease liability, if you get what am trying to say…

    July 8, 2021 at 6:54 am #627191
    Stephen Widberg
    Keymaster
    • Topics: 12
    • Replies: 2839
    • ☆☆☆☆☆

    I guess that you currently have the benefit of lease finance without which you wouldn’t currently be enjoying the leased asset

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