Note 45 New IFRSs 2019
IFRS 16 Leases
IFRS 16 Leases replace IAS 17 Leases as of 1 January 2019. IFRS 16 will basically require Peab as a lessee to report all leasing contracts as assets and liabilities on the balance sheet, representing the right to use the leased asset respectively the obligation to pay leasing fees. Regarding leasing contracts, depreciation of the leasing asset and interest costs on the leasing liability are recognized in the income statement. Peab does not believe this will have any material effect on profit before tax. Affected leases primarily cover rent for offices and other premises, leaseholds, land rentals and vehicles.
When changing over to the new standard Peab has elected the modified retroactive method with the alternative to let the right-of-use asset be measured at the amount of the lease liability at the changeover with adjustments for any prepaid or accrued leasing fees. The elected changeover method does not require recalculating comparable periods.
Right-of-use leases shorter than 12 months or which end within 12 months from the changeover date are classified as current leases and therefore are not included in liabilities or right-of-use assets. In addition, Peab has elected not to recognize leases for which the underlying asset has a low value as a right-of-use asset respectively a lease liability.
Existing finance leases that were previously reported according to IAS 17 Leases have been reclassified according to IFRS 16 and are recognized at the amounts they were recognized on the immediate day prior to application of the new standard.
An incremental borrowing rate has been determined per country, right-of-use period and type of asset as of 1 January 2019.
Effects of the changeover to IFRS 16 are given below.
Report on Group balance sheet in summary, 2018-12-31 respectively 2019-01-01
|Group, MSEK||Reported balance sheet 2018-12-31||Adjustment IFRS 16 |
|Adjusted balance sheet 2019-01-01|
|Koncernen, Mkr||Rapporterad balansräkning 2018-12-31||Justering IFRS 16 |
|Justerad balansräkning 2019-01-01|
|Intangible assets||Immateriella anläggningstillgångar||2,250||2,250|
|Tangible assets||Materiella anläggningstillgångar||5,741||618||6,359|
|Interest-bearing long-term receivables||Räntebärande långfristiga fordringar||1,445||1,445|
|Other financial fixed assets||Övriga finansiella tillgångar||1,292||1,292|
|Total fixed assets||Summa anläggningstillgångar||11,317||671||11,988|
|Project and development properties||Projekt- och exploateringsfastigheter||9,685||206||9,891|
|Interest-bearing current receivables||Räntebärande kortfristiga fordringar||640||640|
|Other current receivables||Övriga kortfristiga fordringar||13,857||-27||13,830|
|Liquid funds||Likvida medel||1,376||1,376|
|Total current assets||Summa omsättningstillgångar||25,999||179||26,178|
|Total assets||Summa tillgångar||37,316||850||38,166|
|Equity and liabilities||Eget kapital och skulder|
|Interest-bearing long-term liabilities||Räntebärande långfristiga skulder||5,194||702||5,896|
|Deferred tax liabilities||Uppskjuten skatteskuld||123||123|
|Other long-term liabilities||Övriga långfristiga skulder||977||977|
|Total long-term liabilities||Summa långfristiga skulder||6,294||702||6,996|
|Interest-bearing current liabilities||Räntebärande kortfristiga skulder||1,818||148||1,966|
|Other current liabilities||Övriga kortfristiga skulder||17,856||17,856|
|Total current liabilities||Summa kortfristiga skulder||19,674||148||19,822|
|Total liabilities||Summa skulder||25,968||850||26,818|
|Total equity and liabilities||Summa eget kapital och skulder||37,316||850||38,166|