Section 8 UEM Edgenta Berhad FINANCIAL STATEMENTS 294 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2. ACCOUNTING POLICIES (CONTD.) 2.4 Summary of material accounting policies (contd.) (s) Income recognition (contd.) Revenue from contracts with customers (contd.) (iv) Property and facility solutions (contd.) Revenue from the maintenance and servicing of the infrastructure subsequent to the retro-fitting is recognised over time in the period the services are rendered. (v) Property development Revenue from sale of property development is recognised over time. Revenue from sale of completed property units is recognised at the point of time upon the control of the asset is transferred to the customer and it is probable that the Group will collect the consideration to which it entitled in exchange for the asset that will be transferred to the customer. (vi) Management fees Management fees for services provided to entities within the Group are recognised over time as services are rendered. Other income recognition (i) Dividend income Dividend income is recognised when the Group’s and the Company’s right to receive payment is established. (ii) Rental income Rental income is recognised on a straight-line basis over the term of the lease. (iii) Interest income Interest income is recognised on an accrual basis using the effective interest method. (t) Contract balances Contract fulfillment assets Contract fulfillment assets are divided into: (i) cost that give rise to an asset; and (ii) costs that are expensed as incurred.
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