NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2022 (cont’d) 3. Significant accounting policies (CONT’D) (q) Sukuk wakalah Sukuk wakalah is classified as liabilities when there is contractual obligation to deliver cash or other financial assets to another person or entity or to exchange financial assets or liabilities with another person or entity that are potentially unfavourable to the Company and the Group. Cost directly attributable to the issuance of the instrument, net of tax, are treated as a deduction from the proceeds. Distribution on Sukuk wakalah is recognised in liabilities in the period in which they are paid. Sukuk wakalah holders’ entitlement is accounted for as a distribution recognised in the statements of profit or loss and other comprehensive income in the period in which it is declared. (r) Provisions Provisions are recognised when there is a present legal or constructive obligation as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Any reimbursement that the Group and the Company can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related provision. The expense relating to any provision is recognised in the profit or loss and net of any reimbursement. (s) Revenue recognition (i) Revenue from contracts with customers Revenue is recognised when the Group and the Company satisfied a performance obligation (“PO”) by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A PO may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied PO. The Group and the Company recognise revenue from the following major sources: (a) Rendering of services Revenue from concession based services and commercial based services are recognised at a point in time in which the services are rendered, which simultaneously received and consumes the benefit provided by the Group and the Company, and the Group and the Company have a present right to payment for the services. Revenue from media solution and related professional services are recognised over time in which the services are rendered, which simultaneously received and consumes the benefit provided by the Group, and the Group has a present right to payment for the services. 178
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