Finance lease not capitalised under previous GAAP
Background
Entity A”s date of transition to IFRSs is 1 January 2012. Entity A acquired Entity B on 15 January 2008 and did not capitalise Entity B”s finance leases. If Entity B prepared separate financial statements under IFRSs, it would recognise finance lease obligations of £300 and leased assets of £250 at 1 January 2012.
Application of requirements
In its consolidated opening IFRS statement of financial position, Entity A recognises finance lease obligations of £300, leased assets of £250 and charges £50 to retained earnings.
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