LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

TEO SENG CAPITAL BERHAD
(Incorporated In Malaysia)
Company No : 732762 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2011
4. ACCOUNTING POLICIES AND STANDARDS (CONT’D)
4.2 Summary of Significant Accounting Policies (Cont’d)
(l)
Revenue recognition (cont’d)
(ii)
Dividend income
Dividend income is recognised when the shareholder’s right to receive payment
is established.
(iii) Interest income
Interest income is recognised on a time proportion basis that reflects the
effective yield on the asset.
(iv) Rental income
Rental income is recognised on accrual basis unless collectability is in doubt, in
which case the recognition of such income is suspended. Subsequent to
suspension, income is recognised on the receipt basis until all arrears have
been paid.
(m) Employee benefits
(i)
Short-term benefits
Wages, salaries, paid annual leave, paid sick leave, bonuses, social security
costs and non-monetary benefits are recognised as expenses in the profit or
loss in the period in which the associated services are rendered by employees
of the Group.
(ii)
Defined contribution plans
As required by law, companies in Malaysia make contributions to the state
pension scheme, the Employees Provident Fund (“EPF”). Some of the Group’s
foreign subsidiaries make contributions to their respective countries’ statutory
pension schemes. Such contributions are recognised as an expense in the
profit or loss as incurred.
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