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Total activos por derecho de uso impacto por niif 16

English translation: Impact of IFRS 16 on total right-of-use assets

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Total activos por derecho de uso impacto por niif 16
English translation:Impact of IFRS 16 on total right-of-use assets
Entered by: Nick Harding

18:48 Apr 4, 2020
Spanish to English translations [PRO]
Bus/Financial - Accounting / Part of a financial statement
Spanish term or phrase: Total activos por derecho de uso impacto por niif 16
This seems to be the heading of a sub-section in a financial report/statement (from Colombia) which could (or may not) be translated as:

Total assets by usage right due to impact by IFRS 16
or
Impact of IPRS 16 on right to use total assets

But I'm not sure because it seems to be abbreviated as is often the case with headings
Nick Harding
Spain
Local time: 11:45
Impact of IFRS 16 on total right-of-use assets
Explanation:
This link provides a clear explanation of this new IFRS standard on leases. The key terms are "right-of-use asset" and "lease liability".

https://www.ifrsbox.com/ifrs-16-leases-summary/

At lease commencement, a lessee accounts for two elements:

Right-of-use asset:
Initially, a right-of-use asset is measured in the amount of the lease liability and initial direct costs.Then it is adjusted by the lease payments made before or on commencement date, lease incentives received, and any estimate of dismantling and restoration costs (remember IAS 37).
Lease liability:
The lease liability is in fact all payments not paid at the commencement date discounted to present value using the interest rate implicit in the lease (or incremental borrowing rate if the previous one cannot be set).These payments may include fixed payments, variable payments, payments under residual value guarantees, purchase price if purchase option will be exercised, etc.

Hope this helps.
Selected response from:

Richard Cadena
Mexico
Local time: 03:45
Grading comment
Thanks very much for your help Richard.
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +2Impact of IFRS 16 on total right-of-use assets
Richard Cadena
4Impact of IFRS 16 on total right-to-use assets
patinba
4Total right-of-use assets (IFRS 16)
John Rynne


  

Answers


2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
Impact of IFRS 16 on total right-to-use assets


Explanation:
The effect of the new rule on the way lease transactions are recorded

patinba
Argentina
Local time: 06:45
Meets criteria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 604
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2 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +2
Impact of IFRS 16 on total right-of-use assets


Explanation:
This link provides a clear explanation of this new IFRS standard on leases. The key terms are "right-of-use asset" and "lease liability".

https://www.ifrsbox.com/ifrs-16-leases-summary/

At lease commencement, a lessee accounts for two elements:

Right-of-use asset:
Initially, a right-of-use asset is measured in the amount of the lease liability and initial direct costs.Then it is adjusted by the lease payments made before or on commencement date, lease incentives received, and any estimate of dismantling and restoration costs (remember IAS 37).
Lease liability:
The lease liability is in fact all payments not paid at the commencement date discounted to present value using the interest rate implicit in the lease (or incremental borrowing rate if the previous one cannot be set).These payments may include fixed payments, variable payments, payments under residual value guarantees, purchase price if purchase option will be exercised, etc.

Hope this helps.


    Reference: http://aicpa.org
    Reference: http://imcp.org.mx
Richard Cadena
Mexico
Local time: 03:45
Meets criteria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 726
Grading comment
Thanks very much for your help Richard.
Notes to answerer
Asker: Sorry for the wait, just been coping with Covid-19 isolation measures and selecting your answer had slipped my mind, thanks very much.


Peer comments on this answer (and responses from the answerer)
agree  Luis M. Sosa
17 hrs
  -> Thank you, Luis.
agree  A. & S. Witte
6 days
  -> Thank you, A. & S. Witte.
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20 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
Total right-of-use assets (IFRS 16)


Explanation:
Sounds more like an asset account on the balance sheet. The right-of-use assets are recognised as a result of applying IFRS 16; this is the new way of recognising leases. They didn't exist before, so the "impact of IFRS 16" was to call them into existence, not to change their amount.

John Rynne
Local time: 11:45
Meets criteria
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 129
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