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lease liability

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

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by P2-D2.
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  • July 8, 2021 at 11:55 am #627218
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    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 10, 2021 at 9:39 am #627334
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    By signing the lase agreement, similar to signing a loan agreement gives us the obligation today to make the payments and hence the liability.

    Thanks

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