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ANNUAL REPORT 2014/2015
NOTES TO THE FINANCIAL STATEMENTS
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
Basis of Revenue Recognition
Income from the sale of goods and completed properties is recognised when significant risks and rewards
of ownership are transferred to the buyer and the amount of revenue and the costs of the transaction
can be measured reliably. This generally coincides with the point in time when the completed property is
delivered to the buyer. No revenue is recognised when there is significant uncertainty as to the collectability
of consideration due or the possible return of units sold.
Income from the rendering of services associated with the hotel and restaurant operations is recognised when
the services are rendered.
Rental income from investment properties is recognised in profit or loss on a straight-line basis over the term of
the lease. Lease incentives granted are recognised as an integral part of the total rental income over the term
of the lease.
Dividend income is recognised when the right to receive payment is established.
Interest income on interest-bearing instruments is recognised on a time-proportion basis, using the effective
interest method.
Employee Benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions
into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for
contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or
loss in the periods during which related services are rendered by employees.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
related service is provided. A liability is recognised for the amount expected to be paid under short-term cash
bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a
result of past service provided by the employee, and the obligation can be estimated reliably.
