Page 121 - Annual Report 2019
P. 121
118 ANNUAL REPORT 2019 QFC REGULATORY AUTHORITY FINANCIAL STATEMENTS
6. Leases
a) QFC Regulatory Authority as a lessee
The QFC Regulatory Authority has lease contracts for office equipment and vehicles
used in its operations. Leases of office equipment and vehicles generally have lease
terms of three years. Set out below, are the carrying amounts of the QFC Regulatory
Authority’s right-of-use assets and lease liabilities and the movements during the year:
Office equipment Vehicles Total
Right-of-use assets USD ‘000 USD ‘000 USD ‘000
As at 1 January 2019 (Note 3.2) 8 - 8
Reclassified from furniture and equipment (Note 4) 181 - 181
Additions - 178 178
Depreciation expense (103) (31) (134)
As at 31 December 2019 86 147 233
2019 Presented in the statement 2019
Lease liabilities USD ‘000 of financial position as follows: USD ‘000
As at 1 January (Note 3.2) 8 Current portion 148
Reclassified from finance lease obligation (Note 6b) 184 Non-current portion 91
Additions 178 239
Interest expense 12
Payments (143)
As at 31 December 239
