$" MATERIAL#ACCOUNTING#POLICY#INFORMATION#(CONT’D") +*+& Employee!benefits (a) Short!term!benefits Wages&!salaries&!paid!annual!leave&!paid!sick!leave&!maternity!leave&!bonuses!and!non-monetary!benefits!are!recognised!as!an! expense!in!the!period!in!which!the!associated!services!are!rendered!by!employees!other!than!those!that!are!attributable!to! property!development!activities!or!construction!contract!in!which!case!such!expenses!are!capitalised!as!part!of!the!costs!of! the!relevant!assets' (b) Defined!contribution!plan The!Group!and!the!Company!participate!in!the!national!pension!schemes!as!defined!by!the!laws!of!the!countries!in!which!it! has!operations'!The!Malaysian!companies!in!the!Group!make!contributions!to!the!Employees!Provident!Fund!in!Malaysia&!a! defined!contribution!pension!scheme'!Contributions!to!defined!contribution!pension!schemes!are!recognised!as!an!expense! in!the!period!in!which!the!related!service!is!performed'! +*+( Foreign!currencies The!financial!statements!of!the!Group!are!presented!in!Ringgit!Malaysia&!which!is!also!the!Company’s!functional!currency'! (a) Transactions!and!balances Di(erences!arising!on!settlement!or!translation!of!monetary!items!are!recognised!in!profit!or!loss' Non-monetary!items!that!are!measured!in!terms!of!historical!cost!in!a!foreign!currency!are!translated!using!the!exchange!rates! at!the!dates!of!the!initial!transactions' (b) Group!companies On!consolidation&!the!assets!and!liabilities!of!foreign!operations!are!translated!into!Ringgit!Malaysia!at!the!rate!of!exchange! prevailing!at!the!reporting!date!and!their!profit!or!loss!are!translated!at!exchange!rates!prevailing!at!the!dates!of!the!transactions'! The!exchange!di(erences!arising!on!translation!for!consolidation!are!recognised!in!OCI' +*+. Revenue (a) Revenue!from!property!development Contracts!with!customers!may!include!multiple!promises!to!customers!and!therefore!accounted!for!as!separate!performance! obligations'!In!this!case&!the!transaction!price!will!be!allocated!to!each!performance!obligation!based!on!the!stand-alone! selling!prices'!When!these!are!not!directly!observable&!they!are!estimated!based!on!expected!cost!plus!margin'! The! revenue! from! property! development! is! measured! at! the! fixed! transaction! price! agreed! under! the! sale! and! purchase! agreement' Revenue!from!property!development!is!recognised!as!and!when!the!control!of!the!asset!is!transferred!to!the!customer!and! it!is!probable!that!the!Group!will!collect!the!consideration!to!which!it!will!be!entitled!in!exchange!for!the!asset!that!will!be! transferred!to!the!customer' 205 FINANCIAL STATEMENTS & OTHER INFORMATION
RkJQdWJsaXNoZXIy NDgzMzc=