Asset Lifecycle Management - PSFT (MOSC)

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Lease Scope Change

edited Oct 10, 2023 12:20PM in Asset Lifecycle Management - PSFT (MOSC) 4 comments

Lease Term is changed - End date of the lease is modified

Example :

Lease start from 1-feb -2023 to 31-dec-2031, then on 1st July 2023 if it is changed to 31-dec-2025.

In this case the Liability will be remeasured , and the carrying amount of asset will be adjusted as per the remeasured liability.

Instead is it now Asset should be not just be adjusted it also need to be remeasured and the difference between asset remeasured and liability remeasured should be booked in profit /loss? To my knowledge that is how IFRS booking works, Peoplesoft booking doesnt work so

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