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Notes to the
Financial Statements
As at 31 March 2019
2.
Significant accounting policies (cont’d.)
2.3 Summary of significant accounting policies (cont’d.)
(d) Revenue recognition (cont’d.)
(i) Sale of Goods
Revenue is recognised at point of time, net of sales taxes and upon transfer of control to the
buyer. Revenue is not recognised to the extent where there are significant uncertainties regarding
recovery of the consideration due, associated costs or the possible return of goods.
(ii) Rental income
Rental income from investment property is recognised on a straight-line basis over the term of
the lease.
(iii) Property management services
Revenue from property management is recognised when services are rendered.
(iv) Dividend income
Dividend income is recognised when the right to receive payment is established.
(v) Receipt in advance
Receipt in advance are deferred and classified under current liabilities in the statement of
financial position.
(vi) Interest income and profit income
Interest income and profit income are recognised using the effective interest method.
(vii) Management fees
Management fees are recognised when services are rendered.
(e) Goodwill
Goodwill acquired in a business combination is initially measured at cost being the excess of the
cost of business combination over the Group’s interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities. Following the initial recognition, goodwill is measured at cost
less any accumulated impairment losses. Goodwill is not amortised but instead, it is reviewed for
impairment, annually or more frequently if events or changes in circumstances indicate that the
carrying value may be impaired. Gains and losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold.
financial
statements
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