What the document covers
The guidance describes selected-statement review under FRSP and reminders for directors approving FY2019 accounts. It is a period-specific supervisory publication.
Specific requirements and implications
Directors should establish a complete lease population, assess control of identified assets and evaluate renewal or termination options. When an implicit rate is unavailable, the incremental borrowing rate should fit the lease's term, security, asset value and economic setting; one rate may not suit every contract. Presentation and cash-flow classification also change. The guide discusses first-year implementation and transitional choices, so those historical choices should be separated from ongoing lease accounting.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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