17. Deleting a lease contract

After a lease contract is published, it’s important to note that it should not be deleted before the lease term ends or before it’s terminated as a part of the original contract (Reassessment) or as a lease modification. In case you need to remove a lease from the library, due to an error or due to a sale of a subsidiary or part of the business, we recommend using the termination function to get the footnote information right. If you just delete the contract, it will be removed from the start of the contract and won’t be included in the opening balance. Instead, it will be disclosed as a disposal. In order to minimize the risk of accidental deletion of leases, we’ve made it difficult to delete leases. If you need to delete a lease, it can be done as described below:

1) If the lease is not marked as an IFRS 16 lease (and is not part of the calculation), then any user can delete it like any other regular folder, unless it’s locked. When you open a lease and click the edit button, you should see a red delete button appear.

2) An IFRS 16 lease can be deleted if it’s a draft. However, for a published lease where the log change is turned, it needs to be rolled back to the first version to be deleted.

3) A user with admin permissions can still delete a lease by following the regular deletion procedure. There are two levels of admin users: Global, that can see every division, or Division Level Admins. This means global users can delete any lease in all division and the division level user can delete any lease in their specific division from the system.