Unformatted text preview: consideration received or receivable to the extent that it
is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The
following specific recognition criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when the Group has transferred to the buyer the significant risks and
rewards of ownership of the goods. Risks and rewards of ownership are considered passed to the buyer at the time of
delivery of the goods to the customer.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services were provided.
Interest income is recognised on a time proportionate basis that takes into account the effective yield on the financial
Dividends are recognised as revenue when the right to receive payment is established.
f) Borrowings Borrowings are initially recorded at fair value, net of transaction costs incurred.
Subsequent to initial recognition, borrowings are measured at amortised cost with any difference between the
proceeds (net of t...
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This document was uploaded on 02/06/2014.
- Spring '14