2. Basis of preparation and material accounting policies (Cont’d) 2.4 Material accounting policies (Cont’d) (b) Revenue recognition (Cont’d) (i) Rental income (Cont’d) (a) Gross rental income Revenue from rental of investment properties, including service charges, are recognised on a straight line basis over the period of the lease term in accordance with terms and conditions of the tenancy agreement between the Group and its tenants. (b) Percentage rent Rental income earned from certain tenants include percentage rent clauses whereby rent received and/or receivable is the higher of base rent and a percentage of sales earned by the tenant during the financial year. Percentage rent is recognised when it can be reliably measured by the Group. (ii) Other income Revenue is measured based on the consideration specified in a contract with a customer and exclude amounts collected on behalf of third parties. The Group and the Fund recognise revenue when or as it transfer control over a product or service to customer. An asset is transferred when (or as) the customer obtains control of the asset. An entity transfer control of a good or service over time and, therefore, satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met: (i) The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs; or (ii) The entity’s performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced; or (iii) The entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for payment completed to date. If a performance obligation is not satisfied over time, an entity satisfied the performance obligation at a point in time. (a) Parking income and event and advertising income Parking income and events and advertising income are recognised on an accruals basis in the accounting period in which the services are being rendered. Notes to the Financial Statements - 31 December 2024 1 ABOUT US 199 3 SUSTAINABILITY STATEMENT 6 FINANCIAL STATEMENTS 2 BUSINESS OVERVIEW 4 CORPORATE GOVERNANCE 5 OTHER INFORMATION
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