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
Added to glossary by
Nick Harding
Apr 4, 2020 18:48
4 yrs ago
80 viewers *
Spanish term
Spain
Total activos por derecho de uso impacto por niif 16
Spanish to English
Bus/Financial
Accounting
Part of a financial statement
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
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
Proposed translations
(English)
| 5 +2 | Impact of IFRS 16 on total right-of-use assets |
Richard Cadena
|
| 4 | Impact of IFRS 16 on total right-to-use assets |
patinba
|
| 4 | Total right-of-use assets (IFRS 16) |
John Rynne
|
Proposed translations
+2
2 hrs
Selected
Impact of IFRS 16 on total right-of-use assets
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.
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:
Note from asker:
| Sorry for the wait, just been coping with Covid-19 isolation measures and selecting your answer had slipped my mind, thanks very much. |
4 KudoZ points awarded for this answer.
Comment: "Thanks very much for your help Richard."
2 hrs
Impact of IFRS 16 on total right-to-use assets
The effect of the new rule on the way lease transactions are recorded
20 hrs
John Rynne
Native in English
Works in field
Experts in finance - Spain
Native in: English 
Works in: Spanish to English, English to Spanish
Related KudoZ points
:
133
Total right-of-use assets (IFRS 16)
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.
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