AI Annual Report 2019 1
The audit assignment involves examination of the
Annual Report and financial statements as well as the administration by the Board of Directors and the CEO. Other duties undertaken by the auditor include NOTE 8 LEASES Group as lessee From financial year 2019 and forward, leases are reported as right-of-use assets according to IFRS 16 Leases. The impact of the transition to IFRS 16 is described in Note 1 Material financial reporting standards and in Note 14 Tangible fixed assets. Last year´s operating leases amounted to kSEK 453,507, which had an impact on the income statement. Below are the previous year's future leasing fees as of the closing date December 31, 2018. 1/1/2018Future minimum lease payments at the closing date amounted to: Within one year Between one and five years After five years 12/31/2018 529,925 1,918,249 2,447,323 4,895,497 Since the Group has chosen to use a modified retroactive method regarding the transition from IAS 17 to IFRS 16, the previous year's operating leasing has not been recalculated. The lease liability is the present value of all future fees until the lease expires. The simplification Reconciliation from IAS 17 to IFRS 16 Operating lease commitments according to IAS 17 as of December 31, 2018 Financial leases Short-term leases and low-value leases Discount effect, other Lease liability according to IFRS 16 as of January 1, 2019 4,895,497 17,109 -53,126 -363,798 4,495,682 rule that the right-of-use asset (before adjustments for any advance payments) should correspond to the lease liability has been applied at the time of the transition. The Group's average marginal loan rate used to discount the lease debt was 1.5 percent. provision of advice as a result of observations made during the audit, and advice in other contexts. All other items are classified as Other assignments. Reported amount in the Balance sheet according to IFRS 16 16 In the Balance sheet the following amounts is reported related to leases: 12/31/2019 Right-of-use assets 1) Premises Equipment and vehicles Lease liabilities 1) Short-term Long-term 4,783,946 28,779 4,812,725 500,978 4,332,659 4,833,637 1) January 1, 2019 4,494,670 1,012 4,495,682 481,307 4,014,375 4,495,682 Last year, only lease assets and lease liabilities attributable to financial leases were reported in accordance with IAS 17 Leases. The assets were presented as part of the tangible fixed assets and liabilities as part of the Group's borrowing. I.A. HEDIN BIL AB / ANNUAL REPORT / 2019 61