Notes to the Financial Statements
The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of-use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.
Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases:
Consolidated
Company
2024 $'000
2023
2024 $'000
2023
$'000
$'000
Right-of-use assets Buildings
4,879
7,804
—
—
Equipment
—
35
4,879
7,839
—
—
Total
Lease liabilities Buildings
5,577
8,562
— — —
— — —
Equipment
—
36
5,577
8,598
Total
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases: Consolidated
Company
2024 $'000 2,993
2023
2024 $'000
2023
$'000 2,995
$'000
Depreciation of right-of-use assets
— —
— —
Interest expense
143
181
Additions during the financial year
The impact of initial recognition of new leases is as follows:
Consolidated
Company
2024 $'000
2023
2024 $'000
2023
$'000
$'000
Balance Sheet Assets Right of use asset
— —
441 441
— —
— —
Total
Liabilities Lease liability
— —
426 426
— —
— —
Total
No new leases were recognised during FY24.
173
ClearView Wealth Limited
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