116 Annual Report 2021 3. SIGNIFICANT ACCOUNTING POLICIES (CONT’D) (e) Revenue recognition (Cont’d) T he revenue is recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. T he control of the promised goods or services may be transferred over time or at a point in time. The control over the goods or services is transferred over time and revenue is recognised over time if: • the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs; • the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or • the Group’s performance does not create an asset with an alternative use and the Group has an enforceable right to payment for performance completed to date. R evenue for performance obligation that is not satisfied over time is recognised at the point in time at which the customer obtains control of the promised goods or services. (i) Development properties T he Group recognises revenue from property development over time if it creates an asset with no alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. Revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. T he progress towards complete satisfaction of the performance obligation is measured based on the Group’s efforts or inputs to the satisfaction of the performance obligation (i.e. by reference to the property development costs incurred to date as a percentage of the estimated total costs of development of the contract). (ii) Sales of completed properties R evenue from sale of completed properties is recognised at a point in time upon the finalisation of sale and purchase agreements and when the control of the properties has been passed to the customers. (iii) Investment properties R evenue from sale of investment properties is measured at fair value of the consideration received or receivable. Revenue is recognised when the control of the ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of investment properties can be estimated reliably, and there is no continuing management involvement with the properties. Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
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