Page 124 - Annual Report 2020
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6. Leases
a) QFC Regulatory Authority as a lessee Office equipment Office space Vehicles Total
Right-of-use assets USD’000 USD’000 USD’000 USD’000
The QFC Regulatory Authority has lease contracts
As at 1 January 2019 (Note 3.2) 8 - - 8
for office space, office equipment and vehicles
used in its operations. Lease of office space has a
Reclassified from furniture and equipment (Note 4) 181 - - 181
term of 2 years and office equipment and vehicles
generally have lease terms of three years.
Additions - - 178 178
Set out below, are the carrying amounts of the QFC
Depreciation expense (103) - (31) (134)
Regulatory Authority’s right-of-use assets and lease
liabilities and the movements during the year:
As at 31 December 2019 86 - 147 233
As at 1 January 2020 (Note 3.2) 86 - 147 233
Additions - 3,123 - 3,123
Disposals - - (41) (41)
Depreciation expense (86) (651) (55) (792)
As at 31 December 2020 - 2,472 51 2,523
Lease liabilities 2020 | USD’000 2019 | USD’000
As at 1 January (Note 3.2) 239 8
Reclassified from finance lease obligation - 184
Additions 3,123 178
Disposals (41) -
Interest expense 66 12
Payments (834) (143)
As at 31 December 2,553 239
T ABLE OF C ONTENT S
