Page 89 - ACCESS ANNUAL REPORT 2019

NOTES (continued)
S ar o significant acco nting po icies contin ed
hanges in acco nting po icies and disc os res contin ed
a ew standards, a end ents and interpretations adopted b the gro p contin ed
(i) IFRS 16 - Leases
I RS 1 supersedes IAS 1 eases, I RIC Determinin whether an Arran ement contains a ease, SIC 15 Operatin eases Incentives and SIC 2 Evaluatin the Su stance o ransactions Involvin the e al orm o a ease. he standard sets out the principles or the reco nition, measurement, presentation and disclosure o leases and re uires lessees to reco nise most leases on the alance sheet.
essor accountin under I RS 1 is su stantially unchan ed rom IAS 1 . essors will continue to classi y leases as either operatin or finance leases usin similar principles as in IAS 1 . here ore, I RS 1 did not have an impact or leases where the Group is the lessor.
he Group adopted I RS 1 usin the modified retrospective method o adoption with the date o initial application o 1 anuary 2019. nder this method, the standard is applied retrospectively with the cumulative effect o initially applyin the standard reco nised at the date o initial application. he Group elected to use the transition practical expedient to not reassess whether a contract is or contains a lease at 1 anuary 2019.
Instead, the Group applied the standard only to contracts that were previously identified as leases applyin IAS 1 and I RIC at the date o initial application.
he effect o adoption I RS 1 as at 1 anuary 2019 increase decrease is, as ollows

Assets
ight of use assets repayments
ota assets
66,009 (33,196) 32,813
iabi ities
nterest earing oans and orrowings
ota iabi ities
32,813 32,813
ota ad st ent on e it
Retained earnings

he Group has lease contracts or its ranches and offices. Be ore the adoption o I RS 1 , the Group classified its leases as lessee at the inception date as an operatin lease.
pon adoption o I RS 1 , the Group applied a sin le reco nition and measurement approach or all leases except or short term leases and leases o low value assets. Re er to ote 2.3 l eases or the accountin policy e innin 1 anuary 2019. he standard provides specific transition re uirements and practical expedients, which have een applied y the Group.
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