lease-accounting-calculator

Business

ASC 842/IFRS 16 lease accounting skill for right-of-use asset and liability calculations

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Source SKILL.md: https://github.com/a5c-ai/babysitter/blob/HEAD/library/specializations/domains/business/finance-accounting/skills/lease-accounting-calculator/SKILL.md

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Lease Accounting Calculator

Overview

The Lease Accounting Calculator skill implements ASC 842 and IFRS 16 lease accounting requirements. It calculates right-of-use assets and lease liabilities, handles lease modifications, and supports lease classification determination.

Capabilities

Lease Classification Determination

Finance vs. operating lease criteria (ASC 842)
Ownership transfer assessment
Purchase option evaluation
Lease term vs. economic life
Present value vs. fair value test
Specialized nature consideration

Right-of-Use Asset Calculation

Initial measurement components
Lease liability inclusion
Prepaid rent addition
Initial direct costs
Lease incentives deduction
Restoration obligations

Lease Liability Amortization

Effective interest method
Payment schedule generation
Variable payment treatment
Index-based adjustment
Residual value guarantee
In-substance fixed payments

Modification Accounting

Modification types identification
Remeasurement triggers
Separate lease assessment
Gain/loss calculation
Discount rate updating
Remaining term adjustment

Discount Rate Determination

Rate implicit in lease
Incremental borrowing rate
Risk-free rate consideration
Portfolio rate application
Currency-specific rates
Rate documentation

Embedded Lease Identification

Service contract analysis
Right to control assessment
Economic benefit evaluation
Direction rights analysis
Separation requirements
Allocation methodology

Usage

New Lease Recording

Input: Lease agreement, payment schedule, rate assumptions
Process: Calculate ROU asset and liability, determine classification
Output: Day-one journal entry, amortization schedule, disclosure support

Lease Modification

Input: Original lease, modification terms, reassessment date
Process: Evaluate modification type, recalculate balances
Output: Modification adjustment entries, updated schedules

Integration

Used By Processes

Lease Accounting and ASC 842 Implementation
Financial Statement Preparation
Month-End Close Process

Tools and Libraries

Lease accounting software APIs
Excel templates
LeaseQuery, LeaseAccelerator integration

Best Practices

Maintain comprehensive lease inventory
Establish discount rate methodology and document support
Create modification assessment decision tree
Build embedded lease identification checklist
Implement lease data collection procedures
Develop short-term and low-value lease policies