You are the financial director of Pilgrim plc, a listed company. Your new group managing director, appointed from one of Pilgrim plc’s overseas subsidiaries, is reviewing the principal accounting policies and is having difficulty understanding the accounting treatment and disclosure of assets leased by Pilgrim plc as lessee, of which there are a substantial number (both finance and operating leases).
Prepare a memorandum for your managing director explaining, in simple terms, the basics of accounting for leased assets in the accounts of listed companies (in full compliance with the relevant accounting standards and the Companies Acts). Your memorandum should be set out in sections as follows:
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