Page 90 - avs_ar_2019_2020

HK$ Lease HK$ -
2,966,027 2,793,330 1,082,291 1,711,039 liabilities 2,793,330 2,793,330
at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable. In calculating the present value of lease payments, the Agency uses
At the commencement date of the lease, the Agency recognises lease liabilities measured
The lease liabilities as at 1 April 2019 can be reconciled to the operating lease commitments at
The change in accounting policy resulted from the adoption of HKFRS16 affected the following
is a modification, a change in the lease term, a change in the in-substance fixed lease
Lease payments on short-term leases and leases of low-value assets are recognised as
lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there
the incremental borrowing rate at the lease commencement date if the interest rate implicit
in the lease is not readily determinable. After the commencement date, the amount of
payments or a change in the assessment to purchase the underlying asset.

Right-of-use 2,793,330 2,793,330
assets HK$ -

19

AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Summary of significant accounting policies (Continued) 2.2 Changes in accounting policy (Continued) (b) Lease liabilities (c) Short-term leases and leases of low-value assets expense on a straight-line basis over the lease term. 31 March 2019 as follows: Operating lease commitments disclosed as at 31 March 2019 Discounted lease liabilities as at 1

2.

16
HKFRS

applied

has
Agency

The
policies. The Agency has adopted HKFRS 16 from its mandatory adoption date of 1 April 2019, which accounting retrospectively but has not restated comparative amounts for the year ended 31 March 2019 as permitted by the standard. The reclassifications and the adjustments arising from the initial adoption of HKFRS 16 are recognised in the opening statement of financial position on 1 April 2019 as detailed in below. The new accounting po

AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Summary of significant accounting policies (Continued) 2.2 Changes in accounting policy its in change a in in profit or loss on a straight-line basis over the lease term. applied by the Agency. In particular, the Agency: initial application; and or terminate the lease low value (“low-value assets”). (a) Right-of-use assets

2. resulted