ANNUAL REPORT 2021 177 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ʹˢ˥ ˧˛˘ Ѓˡ˔ˡ˖˜˔˟ ˬ˘˔˥ ˘ˡ˗˘˗ ʦʤ ʷ˘˖˘ˠ˕˘˥ ʥʣʥʤ (CONT’D) 4. SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 4.21 REVENUE FROM CONTRACTS WITH CUSTOMERS (CONT’D) The Group transfers control of a good or service at a point in time unless one of the following overtime criteria is met:- z The customer simultaneously receives and consumes the benefits provided as the Group performs. z The Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. z 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. (a) Sale of Goods Revenue from sale of goods is recognised when the Group has transferred control of the goods to the customer, being when the goods have been delivered to the customer and upon its acceptance. Following delivery, the customer has full discretion over the manner of distribution and price to sell the goods, and bears the risks of obsolescence and loss in relation to the goods. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. (b) Rendering of Services Revenue from providing services is recognised over time in the period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously. As a practical expedient, the Group recognises revenue on a straight-line method over the period of service. Customers are invoiced on a monthly basis and consideration is payable when invoiced. (c) Interest Income Interest income is recognised on an accrual basis using the effective interest method. (d) Dividend Income Dividend income from investment is recognised when the right to receive dividend payment is established. (e) Rental Income Rental income from investment properties is accounted for on a straight-line method over the lease term. Lease incentives granted are recognised as an integral part of the total rental income, over the terms of the lease.
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