Eng - IOI Group

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Notes To The Financial Statements cont’d5. SIGNIFICANT ACCOUNTING POLICIES cont’d5.16 Revenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and is recognised when it is probablethat the economic benefits associated with the transaction will flow to the entities and the amount of the revenue can bemeasured reliably.5.16.1 Commodities, other products and servicesRevenue is recognised upon delivery of products and customer acceptance, if any, or performance of services, net of salestaxes and discounts.5.16.2 Property developmentRevenue from property development is recognised based on the “percentage of completion” method in respect of all unitsthat have been sold. The stage of completion is determined based on the proportion of contract costs incurred for workperformed up to the balance sheet date over the estimated total contract costs.When the outcome of a development activity cannot be reliably estimated, the property development revenue shall berecognised only to the extent of property development costs incurred that is probable to be recoverable and propertydevelopment costs on the development units sold are recognised as an expense in the period in which they are incurred.Any expected loss on a development project, including costs to be incurred over the defects liability period, is recognisedimmediately in the income statement.5.16.3 Construction contractsRevenue from work done on construction contracts is recognised based on the “percentage of completion” method. Thestage of completion is determined based on the proportion of contract costs incurred for work performed up to the balancesheet date over the estimated total contract costs.When the outcome of a construction contract cannot be estimated reliably, contract revenue shall be recognised only tothe extent of contract costs incurred that is probable to be recoverable and contract costs are recognised as an expensein the period in which they are incurred.When it is probable that total contract costs will exceed total contract revenue, the foreseeable loss is recognised as anexpense immediately.159ANNUAL REPORT 2007IOI Corporation Berhad
Notes To The Financial Statements cont’d5. SIGNIFICANT ACCOUNTING POLICIES cont’d5.16 Revenue Recognition cont’d5.16.4 Dividend incomeDividend income is recognised when shareholder’s right to receive payment is established.5.16.5 Rental incomeRental income from investment properties is recognised based on accrual basis.5.16.6 Interest incomeInterest income is recognised in the income statement as it accrues.5.16.7 Club membership license feeClub membership license fees, which are not refundable, are recognised as income when received.5.16.8 Management feesManagement fees are recognised when services are rendered.5.17 Employee Benefits5.17.1 Short term employee benefitsWages, salaries, bonuses, other monetary and non-monetary benefits are accrued in the period in which the associatedservices are rendered by employees of the Group.Short term accumulating compensated absences such as paid annual leave are recognised as an expense when employeesrender services that increase their entitlement to future compensated absences. Short term non-accumulating compensatedabsences such as sick leave are recognised when absences occur.5.17.2 Retirement benefitsThe Group has various retirement benefit plans in accordance with local conditions and practices in the countries in whichit operates. These benefit plans are either defined contribution or defined benefit plans.A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity (afund) and will have no legal or constructive obligations to pay further contributions if the fund does not hold sufficientassets to pay all employee benefits relating to employee service in the current and prior periods. A defined benefit planis a pension plan that defines an amount of pension benefit to be provided, usually as a function of one or more factorssuch as age and years of service.IOI Corporation BerhadANNUAL REPORT 2007 160
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Our Vision... is to be a leading co
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Chairman’s StatementDear Valued S
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Responsibility“ Today, more than
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Group Performance Highlights2007 20
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Efficiency“The future belongs to
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Management’s Discussion and Analy
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PALM OIL BUSINESS STREAMManagement
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CORPORATE SOCIAL RESPONSIBILITY (CS
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KepongKLCCKL SentralPetaling JayaKu
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Corporate InformationBOARD OF DIREC
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Profile of Directors cont’dDATO
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Profile of Directors cont’dDATUK
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Excellence in ExecutionOur commitme
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Audit Committee Report cont’dTERM
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Audit Committee Report cont’dTERM
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Corporate GovernanceINTRODUCTIONThe
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Corporate Governance cont’dTHE BO
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Corporate Governance cont’dTHE BO
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Corporate Governance cont’dSHAREH
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Statement on Internal ControlINTROD
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Statement on Internal Control cont
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Other InformationCOMPOSITION OF SHA
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RECURRENT RELATED PARTY TRANSACTION
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Other Information cont’dPENALTIES
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Senior Management TeamGroup Chief E
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Global PresenceNORTH AMERICA• USA
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Location of Operations in MalaysiaP
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Corporate CalendarNov 2006• IOI P
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Corporate Calendar cont’dMarch200
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Social ContributionSep 2006• Yaya
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Social Contributions cont’dMay 20
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Directors’ ReportThe Directors of
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Directors’ Report cont’dUSD310
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Statement By DirectorsIn the opinio
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Group PropertiesA. PLANTATION ESTAT
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Group Properties cont’dA. PLANTAT
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Group Properties cont’dB. DEVELOP
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Group Properties cont’dC. INVESTM
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Group Properties cont’dD. INDUSTR
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Group Properties cont’dE. OTHER P
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Notice of Annual General MeetingNOT
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Notice of Annual General Meeting co
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Statement Accompanying Noticeof Ann
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Shareholders Information cont’das
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fold herestampThe Company Secretary
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