Non-cancellable lease is a lease that is cancellable only:
(a) upon the occurrence of some remote contingency;
(b) with the permission of the lessor;
(c) if the lessee enters into a new lease for the same or an equivalent asset with the same lessor; or
(d) upon payment by the lessee of such an additional amount that, at inception of the lease, continuation of the lease is reasonably certain.
Non-cancellable lease is specifically discussed in IAS 17 Leases.
Source: Glossary of Terms of IFRSs as at 31 December 2008.
