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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Disclosure Of Significant Accounting Policies [Abstract] |
Schedule of Property, Plant and Equipment Depreciation | Property, plant, and equipment are depreciated as follows:
|  | Expected Life |  | Salvage Value |  |  | Basis of Depreciation
Drilling rig equipment: |  |  |  |  |  |  |  |
– Power & Tubulars |  | 5 years |  | – |  |  | straight-line
– Dynamic |  | 10 years |  | – |  |  | straight-line
– Structural |  | 20 years |  | 10% |  |  | straight-line
Service rig equipment |  | 20 years |  | 10% |  |  | straight-line
Drilling rig spare equipment |  | up to 15 years |  | – |  |  | straight-line
Service rig spare equipment |  | up to 15 years |  | – |  |  | straight-line
Rental equipment |  | up to 15 years |  | 0 to 25% |  |  | straight-line
Other equipment |  | 3 to 10 years |  | – |  |  | straight-line
Light duty vehicles |  | 4 years |  | – |  |  | straight-line
Heavy duty vehicles |  | 7 to 10 years |  | – |  |  | straight-line
Buildings |  | 10 to 20 years |  | – |  |  | straight-line
Disclosure of Deferred Base Rent Balance Under Straight-line Amortize Over Lease Term | In addition, at the date of initial application, for those leases previously classified as an operating lease under IAS 17, Management elected to recognize and measure the respective right of use assets at the amount equal to the lease obligation, adjusted for any prepaid or accrued lease payment immediately before the date of initial application. The opening balance sheet adjustment in relation to these leases was:
|  | January 1, 2019 |
Right of use asset |  | $ | 73,464 |
Accounts payable and accrued liabilities |  |  | (2,800 | )
Lease obligation |  |  | (73,464 | )
Deficit |  |  | 2,800 |
Summary Of Straight-line Amortize Expenses Over Term Of Lease | When measuring certain lease obligations at the date of transition, minimum lease payments were discounted using Precision’s incremental borrowing rate. The weighted average incremental borrowing rates applied was 6.1%. At the date of transition, Precision derecognized $3 million of its deferred base rent balance which was established to straight-line amortize escalating corporate office rent expenses over the term of the lease.
|  | January 1, 2019 |
Operating lease commitment at December 31, 2018 |  | $ | 67,392 |
Discounted using the incremental borrowing rate at January 1, 2019 |  |  | 54,517 |
Extension options reasonably certain to be exercised |  |  | 18,947 |
Lease obligation |  | $ | 73,464 |

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- Definition The disclosure of depreciation and amortisation expense. [Refer: Depreciation and amortisation expense] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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