$" MATERIAL#ACCOUNTING#POLICY#INFORMATION#(CONT’D") +*+. Revenue!(cont’d*) (a) Revenue!from!property!development!(cont’d*) This!is!generally!established!when)! - the!promised!properties!are!specifically!identified!by!its!plot&!lot!and!parcel!number!and!its!attributes!(such!as!its!size!and! location)!in!the!sale!and!purchase!agreements!and!the!attached!layout!plan!and!the!purchasers!could!enforce!its!rights!to! the!promised!properties!if!the!Group!seeks!to!sell!the!unit!to!another!purchaser'!The!contractual!restriction!on!the!Group’s! ability!to!direct!the!promised!residential!property!for!another!use!is!substantive!and!the!promised!properties!sold!to!the! purchasers!do!not!have!an!alternative!use!to!the!Group*!and - the!Group!has!the!right!to!payment!for!performance!completed!to!date!and!is!entitled!to!continue!to!transfer!to!the! customer!the!development!units!promised!and!has!the!rights!to!complete!the!construction!of!the!properties!and!enforce! its!rights!to!full!payment' If!control!of!the!asset!transfers!over!time&!revenue!is!recognised!over!the!period!of!the!contract!by!reference!to!the!progress! towards!complete!satisfaction!of!that!performance!obligation'!Otherwise&!revenue!is!recognised!at!a!point!in!time!when!the! customer!obtains!control!of!the!asset'! The!Group!and!the!Company!recognise!revenue!over!time!using!the!input!method&!which!is!based!on!the!actual!cost!incurred! to!date!on!the!property!development!project!as!compared!to!the!total!budgeted!cost!for!the!respective!development!projects' The!Group!recognises!sales!at!a!point!in!time!for!the!sale!of!completed!properties&!when!the!control!of!the!properties!has! been!transferred!to!the!purchasers&!being!when!the!properties!have!been!completed!and!delivered!to!the!customers!and!it!is! probable!that!the!Group!will!collect!the!considerations!to!which!it!will!be!entitled!to!in!exchange!for!the!assets!sold' The! Group! has! determined! that! it! has! a! significant! financing! component! related! to! the! sales! of! its! property! units! being! developed!under!the!deferred!payment!scheme'!As!a!result!of!this!the!amount!of!the!promised!consideration!is!adjusted!for! the!significant!financing!component!and!the!related!interest!income!is!recognised!using!the!e(ective!interest!method!over!the! term!of!the!deferment' (b) Revenue!from!construction!contracts Under!such!contracts&!the!Group!is!engaged!in!professional!landscape!construction!and!management!services'!These!contracts! may!include!multiple!promises!to!the!customers!and!therefore!accounted!for!as!separate!performance!obligations'!The!fair! value!of!the!revenue&!which!is!based!on!fixed!price!under!the!agreement!will!be!allocated!based!on!relative!stand-alone!selling! price!of!the!considerations!of!each!of!the!separate!performance!obligations' The!Group!recognises!construction!revenue!over!time!as!the!project!being!constructed!has!no!alternative!use!to!the!Group!and! it!has!an!enforceable!right!to!the!payment!for!performance!completed!to!date'!The!stage!of!completion!is!measured!using!the! input!method&!which!is!based!on!the!total!actual!construction!cost!incurred!to!date!as!compared!to!the!total!budgeted!costs! for!the!respective!construction!projects' NOTES TO THE FINANCIAL STATEMENTS FOR!THE!FINANCIAL!YEAR!ENDED!'$!DECEMBER!"%"' 206 ANNUAL REPORT 2023
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