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Chapter 5 — Commencement Date, Lease Term, and Purchase Options

5.2 Lease Term

5.2 Lease Term

ASC 842-10 — Glossary
Lease Term
The noncancellable period for which a lessee has the right to use an underlying asset, together with all of the following:
  1. Periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option
  2. Periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option
  3. Periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor.

Footnotes

1
We would generally expect the governmental agency, as lessee, to apply GASB accounting standards and not ASC 842.