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Onerous Lease

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Onerous Lease

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • October 4, 2016 at 6:54 pm #342393
    Muslim Farooque
    Member
    • Topics: 190
    • Replies: 134
    • ☆☆☆

    for example if a company is looking too get out of a lease agreement and lease term has 3 years left and books a provision for it based on 3 years payment,

    now can we call it a provision for onerous contract? and is the provision correct accounting treatment

    October 5, 2016 at 8:25 pm #342493
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7172
    • ☆☆☆☆☆

    Hi,

    Yes, if we cannot get out of the contract and if there is no option to sub-let the property then we provide for the remaining years on the lease.

    Thanks

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