Wellcom_FY11-Financial-Report

The following specific recognition criteria must also

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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 Interest income is recognised on a time proportionate basis that takes into account the effective yield on the financial asset. Dividends 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...
View Full Document

Ask a homework question - tutors are online