Whilst leases do not feature in the Financial Reporting Councils (FRC's) top ten findings for 2022/23, the FRC's previously issued IFRS 16 thematic, sets out the FRC's expectations for high-quality reporting in this area and highlights those areas where improvements to reporting quality have been identified in the past.  The FRC expects to see:

• Accounting policies tailored to the company’s specific circumstances, covering all material aspects of leasing arrangements (eg accounting for non-lease
  components, sale and leaseback transactions and the company’s activities as a lessor).
• Disclosure clearly explaining the significant judgements made by management (particularly to determine the lease term) and estimation uncertainty.
• Adequate presentation of leasing arrangements in primary statements
• Sufficient level of qualitative and quantitative information in respect of the company’s leasing arrangements and their financial effects.
• Material balance sheet movements in right of use assets and lease liability balances explained.
• Clear explanation of the circumstances in which the interest rate implicit in the lease can be determined.
• European Securities and Markets Authority guidelines being followed for alternative performance measures (APMs) presented. 

This page holds all of our point of view industry-related publications discussing the implications of IFRS 16 on particular industries and sectors.