Accounting News
Lease liability reduction
There is an amendment to IFRS 9 effective from January 1, 2026, regarding the derecognition of lease liabilities by the lessee. The amendment included not only when the lease liability should be derecognized, but also the effect of derecognition accounting.
An entity shall derecognize a lease liability from its statement of financial position when, and only when, it has been extinguished. That is, when the obligation specified under the corresponding contract has been discharged, cancelled, or has expired.
The difference between the carrying amount of a lease liability that has been extinguished or transferred to a third party and the consideration paid, including any non-cash consideration transferred or lease liability assumed, shall be recognized in profit or loss.
Accounting inquiries
How does a debtor account for paying a third party to assume its lease liability obligation?
If the debtor pays a third party to assume the obligation and notifies the creditor that the third party has assumed their debt, the debtor will not be discharged from the debt unless the debtor is legally released from the principal responsibility contained in the liability, either through a court process or by the creditor.
If the debtor pays a third party for assuming an obligation and obtains a legal release from the creditor, they will have canceled the debt.
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