A lease is a contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the lessee, also known as the tenant, use of an asset and guarantees the lessor, the property owner or landlord, regular payments from the lessee for a specified number of months or years. Both the lessee and the lessor face consequences if they fail to uphold the terms of the contract.
Start reading about leases in IFRS 16 Leases.
General information on Lease is available on Wikipedia: https://en.wikipedia.org/wiki/Lease.
|This is part of the walk through decision model that may assit in determining if a contract contains a lease within the scope of IFRS 16 Leases, go back to this page to start the decision model correctly.|