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Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group and the Company have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. For other financial liabilities, gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. A financial liability is derecognised when the obligation under the liability is extinguished. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. (u) Segment ReportingFor management purposes, the Group is organised into operating segments based on their products and services which are independently managed by the respective segment managers responsible for the performance of the respective segments under their charge. The segment manager report directly to the chief operating decision maker who periodically review the segment results in order to allocate resources to the segments and to assess the segment performance. Additional disclosures on each of these segments are shown in Note 30, including the factors used to identify the reportable segments and the measurement basis of segment information. (v) Fair Value MeasurementFair value of an asset or a liability, except for share-based payment and lease transactions, is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market or in the absence of a principal market, in the most advantageous market. NOTES TO THE FINANCIAL STATEMENTS- 31 DECEMBER 2018
IMPIANA HOTELS BERHAD (formerly known as Bio Osmo Berhad) (740838-A) | Annual Report 2018(formerly known as Bio Osmo Berhad) (740838-A)924. REVENUE Period fromPeriod from1.7.2017Year ended1.7.2017Year ended31.12.201830.6.201731.12.201830.6.2017RMRMRMRMTechnical fee4,026,2914,504,574--Management fee797,139194,498--Sale of goods-255,448--Dividend received--1,687,500-4,823,4304,954,5201,687,500-GroupCompany5. (LOSS)/PROFIT BEFORE TAX FROM CONTINUING OPERATIONS (Loss)/Profit before tax from continuing operations is arrived at after charging/(crediting): Period fromPeriod from1.7.2017 toYear ended1.7.2017 toYear ended31.12.201830.6.201731.12.201830.6.2017RMRMRMRMAuditors' remuneration- Statutory audit:- current financial period/year166,000109,500127,000103,000- under/(over) provision inprior financial year28,100(10,900)23,000(10,000)- Other services353,00012,000353,00012,000Amortisation of intangibleassets1,503,805684,197--Bad debts written off8,697495,33538,4193,734Corporate exercise expenses1,223,7871,442,2231,223,7871,442,223
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Non-executive director, Bio Osmo Berhad, IMPIANA HOTELS BERHAD