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Section 20 – Introduction
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Section 20 – Analysis
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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Section Downloads
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Section 20: Leases.
20.2.1 Extract from FRS 102 – Section 20.1-20.2.
20.2.2 OmniPro comment – Scope.
20.3 Determining whether an arrangement contains a lease.
20.3.1 Extract from FRS 102 – Section 20.3- 20.3A.
20.4 Classification of leases.
20.4.1 Extract from FRS 102 – Section 20.4- 20.7.
20.4.2.1 Risks and rewards of ownership.
20.4.2.2 Lease term defined and major part of an asset life – option to extend.
20.4.2.4 Indicators suggesting a finance lease exists.
20.4.2.4.1 Option to purchase at end of lease – put and call options / residual value guarantees.
20.4.2.4.2 Meaning of substantially in respect to present value of future payment
20.5 Change in lease classification.
20.5.1 Extract from FRS 102 – Section 20.8.
20.6 Initial recognition and subsequent measurement-financial statements of lessees: finance leases
20.6.1 Extract from FRS 102 – Section 20.9- 20.12.
20.6.2.2 Interest rate implicit in the lease.
20.6.2.3 Minimum lease payments including options to extend.
20.6.2.4 Depreciation of leased assets.
20.6.2.6 Lessee: Initial and subsequent measurement – finance lease.
20.7.1 Initial Recognition and subsequent measurement
20.7.1.1 Extract from FRS 102 – Section 20.15-20.15B.
20.7.1.2.2 Time when expense is recognised.
20.7.1.2.3 Costs directly incurred in negotiating/arranging lease.
20.7.1.2.4 Treatment of termination penalties.
20.7.1.2.5 Operating leases with payment linked to other variables.
20.8 Initial recognition and subsequent measurement -financial statements of lessors: finance leases
20.8.1 Extract from FRS 102 – Section 20.17-20.19.
20.9 Manufacturer or dealer lessors.
20.9.1 Extract from FRS 102 – Section 20.20-20.22.
20.10 Financial statements of lessors: operating leases.
20.10.1 Extract from FRS 102 – Section 20.24-20.25 and Section 20.27-20.29.
20.10.1.1 Recognition and measurement
20.10.1.2.2 Time when expense is recognised.
20.10.1.2.3 Costs directly incurred in negotiating/arranging lease.
20.10.1.2.4 Operating lease with payments linked to other variables.
20.10.1.2.5 Lease incentives – lesser
20.11 Sale and leaseback transactions.
20.11.1 Extract from FRS 102 – Section 20.32-20.34.
20.11.2.1 Sales and lease back defined.
20.11.2.2 Sales and lease back – finance lease.
20.11.2.3 Sales and lease back – operating lease.
20.12.1 Disclosures for operating leases – Lessors.
20.12.1.1 Extract from FRS 102 – Section 20.30.
20.12.1.2.1 Accounting policy note.
20.12.1.2.2 Extract from notes to the financial statements.
20.12.2 Disclosures – Operating leases for lessees.
20.12.2.1 Extract from FRS 102 – Section 20.
20.12.2.2.1 Accounting policy example.
20.12.2.2.2 Notes to the financial statements.
20.12.3 Sale and leaseback disclosures.
20.12.3.1 Extract from FRS 102 Section 20.35.
20.12.4 Disclosures – financial statements of lessees: finance leases.
20.12.4.1 Extract from FRS 102 – Section 20.13- 20.14.
20.12.4.2.1 Accounting policy disclosures.
20.12.4.2.2 Extract from notes to the financial statements.
20.12.5 Disclosures – financial statements of lessors: finance leases.
20.12.5.1 Extract from FRS 102 – Section 20.23.
20.12.5.2.1 Accounting policy disclosure.
20.12.5.2.2 Extract from notes to the financial statements
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Section 20 Leases Quick Guide (PDF) (102 downloads )
Summary
Section 20 applies to all leases, including some arrangements that do not take the legal form of a lease but convey rights to use assets in return for payments. It deals with the recognition, measurement and disclosures of operating and finance leases.
The following leases do not come within the scope of Section 20:
- licensing agreements for such items as motion picture films, video recordings, plays,
- manuscripts, patents and copyrights (Section 23);
- the measurement of property held by lessees that is accounted for as investment property (Section 16);
- measurement of biological assets held by lessees under finance leases and biological
- assets provided by lessors under operating leases; (Section 34) and
- leases that could lead to a loss to the lessor or the lessee as a result of non-typical contractual terms (Section 12).
What is new?
Section 20.15A states that lease incentives should be recognised over the life of the lease which differs from old GAAP as under SSAP 21 the lease incentive is recognised from the point of commencement to the first break clause in the lease. This will result in the credit being released to the profit and loss account over a longer period of time.
Section 20 requires disclosures of the total minimum lease payments under non-cancellable operating leases analysed into amounts payable within one year, between two and five years and more than five years. Under old GAAP, the amounts that were to be disclosed were next year’s commitments showing when the contractual term expires from the year end date.
If lease payments increase annually by fixed instalments intended to compensate for expected annual inflation over the lease period, the fixed minimum increment that reflects general inflation will be recognised as incurred. There was no detailed guidance under old GAAP so this may result in differences on transition if material.
Under Section 20 leases that could lead to a loss to the lessor or the lessee as a result of non- typical contractual terms are excluded from scope. There is no such scope exclusion under old GAAP.
Under Section 20, initial direct costs are included on initial measurement, whereas, under old GAAP there was no requirement to include such costs. As a result, there may be differences on transition if direct costs are material. However, in reality, it is not likely to have a material impact.
What is different?
FRS 26 adopters under old GAAP were required to identify embedded derivatives in leases that were not closely related to the host. There is no such requirement under Section 20.
Section 20.3 brings into scope rights to use assets in return for payments within arrangements that do not take the legal form of a lease. There is no such guidance in old GAAP (SSAP 21) however, FRS 5 was followed which suggested the same treatment. It is likely there will be no differences as a result.
Section 20.4 details what constitutes a finance lease which includes the fact that it should be classified as a finance lease if it transfers substantially all of the fair value of the asset. However, there is no 90% test as was detailed in old GAAP. Under old GAAP there was a presumption that transfer of risk and rewards occurred if the present value of the minimum lease payments discounted at the interest rate implicit in the lease, amounts to 90% or more of the leased asset. It is unlikely that this will result in any differences as to whether a finance lease exists and should not result in differences on transition.
Under Section 20 the inception of the lease is the earlier of the date of the lease agreement and the date of commitment by the parties to the principal provisions of the lease. This contrasts with old GAAP as the inception is the earlier of the time the asset is brought into use and the date from which the rentals first accrue. It will be very rare for differences to arise on transition unless there is specialist equipment being leased which is being constructed.
A leased asset should be accounted for at the lower of the fair value of the asset or the present value of the minimum lease payments, discounted at the interest rate implicit in the lease. This differs from old GAAP which stated that it should be measured at the minimum lease payments, discounted at the interest rate implicit in the lease.
Other standards affecting Section 20 where differences arise:
Section 29 – Income tax – Deferred tax will be required to be recognised on any lease incentive adjustments posted in the FRS 102 comparative year. Any adjustment will have a corporation tax impact as a tax deduction will have to be claimed on this over the next 5 years under the transitional arrangements.
Section 35 – Transition to FRS 102 – A first time adopter is not required to retrospectively adjust the deferred element for lease incentives in relation to lease incentive received before the date of transition. Instead the entity can continue to release the incentives received prior to this date up to the break clause (i.e. continue to use old GAAP rules). Note however where lease incentives have been received in the comparative years’ figures, the leasehold incentives will have to be recalculated such that it is released over the life of the lease. A first time adopter may also elect to assess whether an arrangement containing a lease exists at the date of transition as opposed to looking at the facts when the arrangement was entered into.
What are the key points?
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership.
A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership (Section 20.4).
A lease asset should be accounted for at the lower of the fair value of the asset or the present value of the minimum lease payments, discounted at the interest rate implicit in the lease.
Operating lease rentals should be charged to the profit and loss on a straight line basis.
Lease incentives are released over the life of the lease. Section 35 allows an exemption for leases entered into prior to the transition date.
Disclosure required showing the total commitments payable within one year, 2 to 5 years and greater than 5 years from the balance sheet date.
Contingent rent is charged to the profit and loss as incurred.
In a sale and leaseback which does not transfer substantially the risk and rewards of ownership (i.e. the creation of a finance lease) the seller-lessee does not recognise immediately, as income, any excess of sales proceeds over the carrying amount. Instead, the seller-lessee defers such excess and amortises it over the lease term.
What do accountants need to?
Get to grips with the changes likely as a result of the new standard.
Advise clients who regularly receive lease incentives of the need to release the credit over the life of the lease as opposed to the first break clause/market rent review. Advise clients on the impact this will have on the client’s’ profit as well as the deferred tax adjustment on transition and the impact on future tax computations. Advise that this will mean that the lease incentive will be taxed over a longer period of time.
What do Companies need to do?
Get to grips with the differences between Section 20 and old GAAP.
Identify the adjustments required to comply with Section 20 from the date of transition, particularly adjustments for lease incentives to include the deferred tax effect for the comparative year assuming the exemption in Section 35 is availed of.
Assess whether the impact of the requirement to include initial direct costs is material on the opening balance sheet.
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Example 1: Residual value guarantee.
Example 2: Changes in lease classification.
Example 3: Accounting for finance leases – initial recognition and subsequent measurement– Lessee
Example 4: Operating lease with inflationary increases.
Example 4A: Leases linked to general inflation indexes.
Example 6: Finance lease accounting for the lessor
Example 7: Finance lease accounting for the lessor – change in residual value.
Example 8: Operating lease with inflationary increases.
Example 10: Sale and Leaseback
Example 10A: Extract from an accounting policy note and the related disclosures – Operating Lease.
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FRS 102 35 Part Differences Quick Guide (859 downloads )
FRS 102 35 Part Differences Guide (581 downloads )
FRS 102 Differences on Transition Checklist (1119 downloads )
FRS 102 Differences on Transition Examples Appendix (1092 downloads )
Fillable Differences on Transition Checklist (866 downloads )
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Section 20 Disclosure Examples (74 downloads )
FRS 102 Disclosure Checklist (PDF) (745 downloads )
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