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Discuss how would be treated on the lessee and the lessor

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Point 1: A lease contract for a machine with an economic life of 5 years, has a non-cancellable term of 3 years and a renewal option for an additional 2 years. At the inception of the lease, there was no intent to exercise the option and the lease was based on the 3-year term. In the second year of the lease, the option is exercised, and the lease contract term will be extended by the additional 2 years.

Question 1: Applying FRS116 Leases, discuss how this would be treated and the impact on the Lessee and the Lessor

Reference no: EM132493857

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