FRS 102 Periodic Review series: Accounting for leases

To illustrate, assume the same facts as above, except that the annual lease payment due at Dec. 31 is $150,000 for years 1–5, and $183,272 for years 6–10. The increased burden on the lessee does not stop there, as accounting for and maintaining the assets and liabilities created by each lease is required each period. […]