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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › lease- substitution rights
Dear sir,
If a lessor has a right to substitute an asset given to the lessee, with an alternative asset, but that which is IDENTICAL to one previously given. in such a situation will the contract contain a lease?
i understand that if the asset is substituted with a similar asset then the contract won’t contain a lease.
Many thanks!
The question that I would ask is whether the asset is an emergency replacement – may still be a lease – I think it’s that’s kind of criteria
KPMG have a discussion if you bing ‘substitution rights ifrs 16’