"commencement date of the lease (commencement date)"

The date on which a lessor makes an underlying asset available for use by a lessee.

"economic life"

Either the period over which an asset is expected to be economically usable by one or more users or the number of production or similar units expected to be obtained from an asset by one or more users.

"effective date of the modification"

The date when both parties agree to a lease modification.

"fair value"

For the purpose of applying the lessor accounting requirements in this Standard, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

"finance lease"

A lease that transfers substantially all the risks and rewards incidental to ownership of an underlying asset.

"fixed payments"