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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES cont’d 2.31 Leases cont’d (b) As lessor 2.32 Revenue WCT Berhad (66538-K) annual report 2011 Leases where the Group retains substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. The accounting policy for rental income is set out in Note 2.32(g). Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable. (a) Sale of goods Revenue from sale of goods is recognised upon the transfer of significant risk and rewards of ownership of the goods to the customer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods. (b) Sale of properties Revenue from sale of properties is accounted for by the stage of completion method as described in Note 2.20(ii). (c) Construction contracts Revenue from construction contracts is accounted for by the stage of completion method as described in Note 2.19. (d) Interest income Interest income is recognised using the effective interest method. (e) Management fees Management fees are recognised when services are rendered. (f) Dividend income Dividend income is recognised when the Group’s right to receive payment is established. (g) Rental income Rental income is accounted for on a straight-line basis over the lease terms. The aggregate costs of incentives provided to lessees are recognised as a reduction of rental income over the lease term on a straight-line basis. 105 NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 cont’d
106 WCT Berhad (66538-K) annual report 2011 NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 cont’d 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES cont’d 2.32 Revenue cont’d (h) Hiring of machineries Rental income from hiring of machineries is recognised on an accruals basis when the rights to receive payments are established. (i) Car park income Car park income is recognised on an accruals basis upon completion of usage of car park spaces. (j) Hotel income 2.33 Income taxes Room income is recognised based on an accruals basis unless collection is in doubt, in which case it is recognised based on receipt basis. Revenue from the sales of food and beverage is recognised based on invoiced value of goods sold. (a) Current tax Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Current taxes are recognised in profit or loss except to the extent that the tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. (b) Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all temporary differences, except: - where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and - in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
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Page 30 and 31: financial statements Directors’ R
Page 32 and 33: DIVIDENDS cont’d In respect of th
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Page 36 and 37: ISSUE OF SHARES Ordinary shares WCT
Page 38 and 39: OTHER STATUTORY INFORMATION cont’
Page 40 and 41: REPORT ON THE FINANCIAL STATEMENTS
Page 42 and 43: Non-current assets WCT Berhad (6653
Page 44 and 45: WCT Berhad (66538-K) annual report
Page 46 and 47: Group WCT Berhad (66538-K) annual r
Page 48 and 49: Company WCT Berhad (66538-K) annual
Page 50 and 51: Cash flows from investing activitie
Page 52 and 53: 1. CORPORATION INFORMATION WCT Berh
Page 54 and 55: 2. SUMMARY OF SIGNIFICANT ACCOUNTIN
Page 80 and 81: 3. SIGNIFICANT ACCOUNTING JUDGEMENT
Page 82 and 83: 3. SIGNIFICANT ACCOUNTING JUDGEMENT
Page 84 and 85: 4. PROPERTY, PLANT AND EQUIPMENT Fr
Page 86 and 87: 4. PROPERTY, PLANT AND EQUIPMENT co
Page 88 and 89: 4. PROPERTY, PLANT AND EQUIPMENT co
Page 90 and 91: 5. LAND HELD FOR PROPERTY DEVELOPME
Page 92 and 93: 6. INVESTMENT PROPERTIES WCT Berhad
Page 94 and 95: 7. INVESTMENT IN SUBSIDIARIES cont
Page 96 and 97: 7. INVESTMENT IN SUBSIDIARIES cont
Page 98 and 99: 8. INVESTMENT IN ASSOCIATES WCT Ber
Page 100 and 101: 8. INVESTMENT IN ASSOCIATES cont’
Page 102 and 103: 9. INVESTMENT IN JOINTLY CONTROLLED
Page 104 and 105: 11. CONCESSION ASSETS WCT Berhad (6
Page 106 and 107: 13. TRADE RECEIVABLES cont’d (a)
Page 108 and 109: 13. TRADE RECEIVABLES cont’d (b)
Page 110 and 111: 15. DUE FROM/(TO) RELATED PARTIES c
Page 112 and 113: 19. OTHER PAYABLES WCT Berhad (6653
Page 114 and 115: 20. BORROWINGS cont’d Total borro
Page 116 and 117: 24. TERM LOANS Secured WCT Berhad (
Page 118 and 119: 26. ISLAMIC SERIAL REDEEMABLE BONDS
Page 120 and 121: 29. SHARE CAPITAL WCT Berhad (66538
Page 122 and 123: 29. SHARE CAPITAL cont’d (b) Empl
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29. SHARE CAPITAL cont’d (c) Warr
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30. IRREDEEMABLE CONVERTIBLE PREFER
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32. RESERVES WCT Berhad (66538-K) a
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33. NON�CONTROLLING INTEREST WCT
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34. DEFERRED TAXATION cont’d WCT
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37. OTHER OPERATING INCOME/�LOSS
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39. PROFIT BEFORE TAXATION (a) The
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39. PROFIT BEFORE TAXATION cont’d
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40. TAXATION Tax expense for the ye
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41. EARNINGS PER SHARE (i) Basic WC
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42. DIVIDENDS cont’d Recognised d
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44. OPERATING LEASE ARRANGEMENTS co
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46. CONTINGENT LIABILITIES cont’d
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47. FINANCIAL INSTRUMENTS cont’d
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49. SIGNIFICANT EVENTS During the f
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50. SUBSEQUENT EVENTS cont’d (i)
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51. CONTRACT DISPUTE cont’d State
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52. SEGMENT INFORMATION cont’d Bu
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52. SEGMENT INFORMATION cont’d Ge
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No. Location Description 1. Master
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No. Location Description 7. Seven (
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(2) Thirty Largest Shareholders con
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(2) Thirty Largest ICPS Holders WCT
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(2) Thirty Largest Warrants Holders
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(2) Thirty Largest Warrants Holders
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(2) Directors’ Interests in Warra
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WCT Berhad (66538-K) annual report
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Meeting : 31st Annual General Meeti
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I/We WCT Berhad (66538-K) (Incorpor
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IXORA CAMELLIA Double-storey bungal
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