Page 38 University of Technology, Jamaica Notes to the Financial Statements 31 March 2020 (expressed in Jamaican dollars unless otherwise indicated) 12. Right of use Asset/Leases (Continued) 31 March 2020 $’000 31 March 2019 $’000 Operating lease commitments disclosed as at 31 March 2019 159,586 - 159,586 - Discounted using the lessee’s incremental borrowing rate at the date of initial application (76,193) - Lease liability recognised as at 31 March 2019 83,393 - Of which are: Current lease liabilities 5,926 - Non-current lease liabilities 77,467 - 83,393 - (b)Measurement of right-of-use assets The associated right-of-use asset for the building lease was measured on a retrospective basis as if the new rules had always been applied. The right-of use assets was measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the statement of financial position as at 31 March 2019. (c) Adjustments recognised in the statement of financial position on 31 March 2019 The change in accounting policy affected the following items in the statement of financial position on 31 March 2019: (i) right-of-use assets – increase by $83,393,000 (ii) lease liabilities – increase by $83,393,000 There was no impact on retained earnings. 13. Intangible Assets 2020 2019 Cost - $'000 $'000 At 1 April and 31 March 84,280 84,280 Amortisation - At 1 April 75,911 68,178 Amortisation for the year 3,257 7,733 At 31 March 79,168 75,911 Net Book Value 5,112 8,369 University of Technology, Jamaica 154
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