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ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Tables)

12 Months Ended

Dec. 31, 2019

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Schedule of reconciliation of lease liabilities pursuant to IFRS 16 on transition

USDm		2019
Total operating lease commitments at 31 December 2018		6.2
Recognition exemptions:
Leases of low value assets		—
Leases with remaining lease term of 12 months or less		—
Operating lease liabilities before discounting		6.2
Discounted using incremental borrowing rate		(0.6)
Operating lease liability		5.6
Reasonably certain extension options		4.5
Other adjustments		(0.2)
Finance lease liabilities recognized under IAS 17		25.3
Total lease liabilities recognized under IFRS 16 at 1 January 2019		35.2

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- Definition

The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2019-01-01
-Paragraph C12
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_C12_b&doctype=Appendix&subtype=C
-URIDate 2019-03-27

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- References

No definition available.

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