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FRS 102 Field Definitions
Complete reference for all FRS 102 lease data fields used in Lease102. Each field includes its FRS 102 paragraph reference, validation rules, and impact on calculations.
Lease Identification Fields
Fields that identify and classify the lease:
Low-Value Classification
FRS 102 has NO monetary threshold for low-value assets. Classification is by TYPE: vehicles, land/buildings, and equipment NEVER qualify as low-value regardless of cost.
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| contract_reference | Lease Reference | - | Your internal lease identifier for tracking purposes | Required; 1-50 characters |
| lessor_name | Lessor Name | - | Legal name of the entity granting the lease (landlord or leasing company) | Required; max 200 characters |
| lessor_contact | Lessor Contact | - | Contact details for the lessor (optional) | Optional; max 200 characters |
| asset_class | Asset Type | 20.9-20.12 | Classification of underlying asset: land, buildings, land_and_buildings, vehicles, equipment, plant_and_equipment, it_equipment, it, other | Required; determines low-value exemption eligibility |
| asset_description | Asset Description | - | Brief description of the leased asset (e.g., 'Office Space - 3rd Floor') | Optional; max 500 characters |
| asset_location | Asset Location | - | Physical location of the asset (e.g., property address) | Optional; max 200 characters |
| serial_number | Serial Number / VIN | - | Unique identifier for the leased asset (e.g., vehicle VIN, equipment serial) | Optional; for asset tracking |
Lease Term Fields
Dates and duration that define the lease period:
FRS 102 Reference: FRS 102.20.9
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| commencement_date | Commencement Date | 20.9, 20.13 | Date when lessor makes asset available for use—triggers initial measurement | Required; DD/MM/YYYY format |
| contractual_end_date | Contractual End Date | 20.9 | Original contractual end date per lease agreement | Required; must be after commencement_date |
| expected_end_date | Expected End Date | 20.9 | Best estimate end date adjusted for reasonably certain extensions/terminations | Required; must be after commencement_date |
| lease_term_months | Lease Term (Months) | 20.9 | Total lease duration in months from commencement to expected end | Calculated; 1-600 months |
| end_date_assessment | End Date Assessment | 20.50 | Audit trail documenting expected_end_date reasoning | Optional; max 1000 characters |
| execution_date | Execution Date | - | Contract signing date (distinct from commencement) | Optional |
| access_date | Access Date | - | Date lessee gains access for fit-out (before commencement) | Optional |
Payment Schedule Fields
How much and when payments are made to the lessor:
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| periodic_payment | Base Rent (per period) | 20.50 | Fixed payment amount due each period, excluding variable elements | ≥ 0; 2 decimal places |
| payment_frequency | Payment Frequency | 20.50 | How often payments are due: weekly, monthly, quarterly, semi_annual, annual | Required; determines periodic rate |
| payment_timing | Payment Timing | 20.50 | Whether payments due at period start (advance) or end (arrears) | Required; default = arrears |
| next_payment_date | Next Payment Date | - | Next scheduled lease payment date | Optional |
Payment Schedule Entry Fields
For variable/stepped payments, each schedule entry contains:
| Field | Label | Description | Validation |
|---|---|---|---|
| effective_from | Effective From | Date when payment level becomes effective | Required; cannot be before commencement_date |
| effective_to | Effective To | Date when payment level ends | Optional; if provided, must be after effective_from |
| payment_amount | Payment Amount | Payment per period (0 for rent-free periods) | ≥ 0; 2 decimal places |
| change_type | Change Type | Type: initial, rent_free, agreed_rent, contractual_increase, cpi_adjustment, rpi_adjustment, market_review, modification | Required; initial must exist |
| change_reason | Change Reason | Explanation (e.g., 'Per contract clause 5.2') | Optional; max 500 characters |
| index_reference | Index Reference | Reference to index used (e.g., 'CPI-Dec-2025') | Optional; for audit trail |
Discount Rate Fields
Rate used to calculate present value of future lease payments:
FRS 102 Reference: FRS 102.20.27, 20.51-20.52
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| discount_rate_type | Discount Rate Type | 20.27, 20.51-20.52 | Method: OBR (Obtainable Borrowing Rate—default for SMEs), IBR (Incremental Borrowing Rate), or Implicit (rate implicit in lease) | Required; enum |
| discount_rate | Discount Rate (%) | 20.27, 20.51-20.52 | Annual interest rate for discounting future payments to present value | 0.01-50.00%; entered as percentage |
| discount_rate_source | Rate Source | - | Justification for rate selection (e.g., 'SONIA + 200bps' or 'Bank quote ref ABC123') | Optional; for audit trail |
| credit_profile | Credit Profile | 20.51-20.52 | Entity's credit quality for OBR: strong, average, higher_risk | Used when discount_rate_type = OBR |
| base_rate | Base Rate (SONIA) | 20.51-20.52 | Reference rate: SONIA (UK), €STR (Ireland), SOFR (US) | From Bank of England API |
| credit_spread | Credit Spread | 20.51-20.52 | Spread added to base rate: +1.25% (strong), +2.25% (average), +3.50% (higher risk) | Typical range 1.25-3.50% |
Incentive Fields
Benefits received from the lessor that REDUCE the ROU Asset:
FRS 102 Reference: FRS 102.20.13-20.14, 20.47
Important
Incentives reduce the ROU Asset, NOT the lease liability. The liability is always the present value of cash payments.
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| incentives_received | Lease Incentives Received | 20.47 | Total value of all incentives: rent-free periods, TIAs, cash payments, below-market rent | ≥ 0; 2 decimal places |
| incentive_type | Incentive Type | 20.47 | Category: rent_free_period, fit_out_contribution, moving_costs, cash_payment, assumption_of_liability | Optional; for reporting |
Initial Direct Cost Fields
Incremental costs to negotiate and arrange the lease that INCREASE the ROU Asset:
FRS 102 Reference: FRS 102.20.13-20.14
Eligible Cost Types
legal_fees (solicitor fees), broker_commission (agent fees), survey_costs (building surveys, valuations), stamp_duty (UK property transfer tax), other (verifiable direct costs).
Excluded Costs
General overheads, admin costs, internal legal costs, and costs of failed negotiations are NOT capitalised.
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| initial_direct_costs | Initial Direct Costs | 20.13-20.14 | Total incremental costs: legal fees, broker commissions, surveys, bank arrangement fees, stamp duty | ≥ 0; 2 decimal places |
Restoration Obligation Fields
Costs to return the asset to original condition at lease end:
FRS 102 Reference: FRS 102.20.13-20.14, Section 21
UK Property Terms
Dilapidations: UK term for reinstatement, repairs, and redecoration obligations. Creates a Section 21 provision AND increases ROU Asset.
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| restoration_costs | Restoration Cost Provision | 20.13-20.14, Section 21 | Present value of obligation to restore asset: dismantling, removal, make-good, dilapidations | ≥ 0; 2 decimal places |
Service Charge Fields
UK property leases often include service charges for building maintenance and services:
FRS 102 Reference: FRS 102.20.10, 20.15
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| service_charge_amount | Service Charge Amount | 20.10 | Periodic service charge payment to landlord | ≥ 0; 2 decimal places |
| service_charge_type | Charge Type | 20.10 | Fixed, Variable, or Capped service charge classification | Affects capitalisation treatment |
| annual_cap | Annual Cap | 20.10 | Maximum annual service charge for capped arrangements | Required for Capped type |
| practical_expedient | Apply Practical Expedient | 20.15 | Combine fixed service charges with lease payments | Optional; simplifies accounting |
Rent Deposit Fields
Security deposits held by landlord, accounted for under Section 11 as financial assets:
FRS 102 Reference: FRS 102 Section 11
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| deposit_amount | Deposit Amount | - | Cash deposit held by landlord as security | Required if deposit paid |
| deposit_status | Deposit Status | - | Active, Returned, Forfeited, or Partially Forfeited | Track deposit lifecycle |
| interest_bearing | Interest-Bearing Deposit | - | Whether deposit accrues interest payable to lessee | Affects financial asset treatment |
Variable Payment Fields
Payments that vary based on an index, rate, or usage:
FRS 102 Reference: FRS 102.20.55-20.56
Treatment at Commencement
Index-linked: Include at current index value. Usage-based (sales, mileage): EXCLUDE from liability, expense as incurred. In-substance fixed (guaranteed minimum): INCLUDE in liability.
| Field | Label | FRS 102 Ref | Description | Treatment |
|---|---|---|---|---|
| index_linked_payments | Index-Linked | 20.55 | Payments based on CPI, RPI, or market rent reviews | Include at current index value; remeasure using ORIGINAL rate when index changes |
| variable_payment_type | Variable Type | 20.55-20.56 | Classification: index_linked, usage_based, in_substance_fixed | See treatment rules below |
Residual Value Guarantee Fields
Lessee's guarantee of asset value at lease end:
FRS 102 Reference: FRS 102.20.50
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| residual_value_guarantee | Residual Value Guarantee | 20.50 | Include ONLY the expected payment amount, not maximum exposure. Example: Asset guaranteed £500k, expected value £450k → include only £50k shortfall. | ≥ 0; 2 decimal places |
Purchase Option Fields
Option to purchase the underlying asset:
FRS 102 Reference: FRS 102.20.50
Reasonably Certain Indicators
Exercise price significantly below expected fair value; asset is specialized or integral to operations; significant penalties for non-exercise; history of exercising similar options.
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| purchase_option_price | Purchase Option Price | 20.50 | Amount payable to purchase asset at lease end | ≥ 0; only include if 'reasonably certain' |
| purchase_option_included | Option Included | 20.50 | Whether option is included in liability based on 'reasonably certain' assessment | Boolean |
Extension Option Fields
Options to extend the lease term:
FRS 102 Reference: FRS 102.20.50
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| extension_option_periods | Extension Periods | 20.50 | Number of optional extension periods 'reasonably certain' to be exercised | ≥ 0; extends expected_end_date |
Termination Option Fields
Options to terminate the lease early:
FRS 102 Reference: FRS 102.20.50, 20.57-20.58
Rate Revision
Unlike index-linked changes (which use original rate), termination penalties use a REVISED discount rate per FRS 102.20.58.
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| termination_option_exercisable | Termination Option | 20.50 | Whether lease contains option to terminate before contractual end date | Boolean |
| termination_penalty | Termination Penalty | 20.50, 20.57 | Payment due if early termination exercised; include ONLY if termination is 'reasonably certain' | ≥ 0; uses REVISED discount rate |
Exemption Fields
Optional exemptions allowing continued expense treatment:
FRS 102 Reference: FRS 102.20.9-20.12
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| short_term_exemption | Short-Term Exemption | 20.9 | Lease ≤12 months with NO purchase option: expense straight-line instead of recognising liability | Cannot apply if purchase option exists |
| is_short_term | Is Short Term | 20.9 | Technical marker for short-term eligibility | ≤12 months, no purchase option |
| low_value_exemption | Low-Value Exemption | 20.9-20.12 | For low-value assets: expense instead of recognising liability | Based on asset TYPE, not value |
| is_low_value | Is Low Value | 20.9-20.12 | Technical marker for low-value eligibility | Never: vehicles, property, equipment |
Transition Fields
For leases existing before FRS 102 adoption (modified retrospective approach):
FRS 102 Reference: FRS 102.20.C5-C8
| Field | Label | FRS 102 Ref | Description | Validation |
|---|---|---|---|---|
| is_transition_lease | Is Transition Lease | 20.C5-C8 | True if lease existed before FRS 102 adoption date | Default = false |
| transition_date | Transition Date | 20.C5-C8 | First day of first FRS 102 period (e.g., 1 Jan 2026 for Dec year-end) | Required if is_transition_lease = true |
| pre_transition_prepaid | Pre-Transition Prepaid | 20.C7 | Prepaid rent at transition date (reduces opening ROU Asset) | ≥ 0 |
| pre_transition_accrued | Pre-Transition Accrued | 20.C7 | Accrued rent at transition date (increases opening ROU Asset) | ≥ 0 |
| transition_discount_rate | Transition Rate | 20.C5-C8 | Discount rate used for transition calculations | Optional |
| transition_liability | Transition Liability | 20.C5-C8 | Opening lease liability at transition date | Calculated |
| transition_rou_asset | Transition ROU Asset | 20.C5-C8 | Opening ROU Asset at transition date | Calculated |
Calculated Output Fields
Values calculated by Lease102 (display only, not user-editable):
| Field | Label | FRS 102 Ref | Formula/Description |
|---|---|---|---|
| initial_lease_liability | Initial Lease Liability | 20.50 | PV(fixed) + PV(in-substance fixed) + PV(index-linked @ current) + PV(residual guarantees) + PV(purchase option) + PV(termination penalties) |
| initial_rou_asset | Initial ROU Asset | 20.13-20.14 | Lease Liability + Initial Direct Costs − Incentives + Restoration Costs |
| monthly_depreciation | Monthly Depreciation | 20.18 | Initial ROU Asset ÷ Lease Term (months); straight-line |
| current_lease_liability | Current Lease Liability | 20.50 | Remaining liability at reporting date; splits into current (≤12 mo) and non-current (>12 mo) |
| current_rou_asset | Current ROU Asset | 20.18 | Net book value = Initial − Accumulated Depreciation; adjusted for impairment or remeasurement |
Organisation & Reporting Fields
Fields for portfolio management and reporting:
| Field | Label | Description | Validation |
|---|---|---|---|
| portfolio_id | Portfolio | Link to portfolio for shared rate settings | Optional; UUID |
| cost_center_id | Cost Centre | Cost centre for P&L departmental allocation | Optional; UUID |
| tax_classification | Tax Classification | HMRC classification: general_lease (rent deduction) or long_funding_lease (capital allowances) | Default = general_lease |
| serial_number | Serial Number | Equipment serial number or vehicle VIN | Optional; max 100 characters |
Status & Audit Fields
Lifecycle and compliance tracking:
| Field | Label | Description | Values |
|---|---|---|---|
| lease_status | Lease Status | Lifecycle state | draft, active, modified, expired, terminated, purchased |
| calculation_status | Calculation Status | Whether calculations are current | current, stale, error |
| is_active | Is Active | When false, excluded from all reporting | Boolean; default = true |
| created_by | Created By | User who created record (immutable) | For audit trail |
| created_at | Created At | UTC timestamp of creation (immutable) | ISO 8601 format |
| updated_by | Last Updated By | User who last modified record | For audit trail |
| updated_at | Last Updated At | UTC timestamp of last modification | ISO 8601 format |