How to register planned extensions and stops

You can extend your IFRS 16 contracts or finish them after a renegotiation with your customer/supplier.

Note!
For sudden and unforeseen stops, go to How to register sudden and unforeseen terminations.

Let's say your contract partner signed an extension with 12 months today, effective from January next year.

  1. Under Contracts, open the related contract in editing mode.

  2. Scroll down to the Contract duration section and tick Exercise next to current contract period.
    Tip! This checkbox is only displayed if you ticked This contract has an extension option before.

  3. Scroll down to the Lease section and click Add reassessment.

    1. Enter a Description of the change.

    2. Under Date, enter the period the change was agreed on (in this example the current period).

  4. Save.

The contract is now correctly extended.

  1. Under Contracts, open the related contract in editing mode.

  2. Scroll down to the Contract duration section and change the duration in the Initial period field.

  3. Scroll down to the Lease section and click Add reassessment.

    1. Enter a Description of the change.

    2. Under Date, enter the period the change was agreed on (in this example the current period).

  4. Save.

The contract duration has been adjusted

  1. Under Contracts, open the related contract in editing mode.

  2. Scroll down to the Contract duration section and enter the negotiated end date under End of initial period (or in case of extended contracts End of extension).

  3. Scroll down to the Lease section and click Add reassessment.

    1. Enter a Description of the change.

    2. Under Date, enter the period the change was agreed on (in this example the current period).

  4. Save.

The contract duration has been adjusted