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AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Summary of significant accounting policies (Continued) 2.14 Leases (Continued) Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Agency is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life

2. (a) person: (b)

Assets and liabilities arising from a lease are initially measured on a present value basis.
incentives

lease
Lease liabilities include the net present value of the following lease payments:
any
less
payments),

fixed in-substance - variable lease payment that are based on an index or a rate, initially measured using the - amounts expected to be payable by the Agency under residual value guarantees - the exercise price of a purchase option if the Agency is reasonably certain to exercise that - payments of penalties for terminating the lease, if the lease term reflects the Agency Lease payments to be made under reasonably certai

AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Summary of significant accounting policies (Continued) 2.14 Leases (Continued) (including payments receivable index or rate as at the commencement date option, and exercising that option. the measurement of the liability. To determine the incremental borrowing rate, the Agency: was received the remaining balance of the liability for each per

2. - fixed