Page 90 - ACCESS ANNUAL REPORT 2019

S ar o significant acco nting po icies contin ed
hanges in acco nting po icies and disc os res contin ed
b ew standards, a end ents and interpretations adopted b the gro p contin ed (ii) IFRS 16 – Leases (continued)
eases previo s acco nted or as operating eases
he Group reco nised ri ht o use assets and lease lia ilities or those leases previously classified as operatin leases, except or short term leases and leases o low value assets. he ri ht o use assets or most leases were reco nised ased on the carryin amount as i the standard had always een applied, apart rom the use o incremental orrowin rate at the date o initial application. In some leases, the ri ht o use assets were reco nised ased on the amount e ual to the lease lia ilities, ad usted or any related prepaid and accrued lease payments previously reco nised. ease lia ilities were reco nised ased on the present value o the remainin lease payments, discounted usin the incremental orrowin rate at the date o initial application.
he Group also applied the availa le practical expedients wherein it
• sed a sin le discount rate to a port olio o leases with reasona ly similar characteristics
• Relied on its assessment o whether leases are onerous immediately e ore the date o initial
application
• Applied the short term leases exemptions to leases with lease term that ends within 12 months o
the date o initial application
• Excluded the initial direct costs rom the measurement o the ri ht o use asset at the date o
initial application
• sed hindsi ht in determinin the lease term where the contract contained options to extend or
terminate the lease
Based on the a ove, as at 1 anuary 2019
• Ri ht o use assets o G .009 million were reco nised in the statement o financial position. • Additional lease lia ilities o G 32. 13 million included in other lia ilities were reco nised.
• Prepayments o G S33.19 million to previous operatin leases were dereco nised.
iii Ann a prove ents to FRS Standards c e
he ollowin improvements were finalised in Decem er 201
FRS clarified that o tainin control o a usiness that is a oint operation is a usiness com ination achieved in sta es.
IFRS 11 - clarified that the party o tainin oint control o a usiness that is a oint operation should not remeasure its previously held interest in the oint operation.
IAS 12 - clarified that the income tax conse uences o dividends on financial instruments classified as e uity should e reco nised accordin to where the past transactions or events that enerated distri uta le profits were reco nised.
AS clarified that i a specific orrowin remains outstandin a ter the related uali yin asset is ready or its intended use or sale, it ecomes part o eneral orrowin s.
he amendments to IAS 19 clari y the accountin or defined enefit plan amendments, curtailments and settlements. hey confirm that entities must calculate the current service cost and net interest or the remainder o the reportin period a ter a plan amendment, curtailment or settlement y usin the updated assumptions rom the date o the chan e any reduction in a surplus should e reco nised immediately in profit or loss either as part o past service cost, or as a ain or loss on settlement. In other words, a reduction in a surplus must e reco nised in profit or loss even i that surplus was not previously reco nised ecause o the impact o the asset ceilin separately reco nise any chan es in the asset ceilin throu h other comprehensive income.
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