LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

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TEO SENG CAPITAL BERHAD(Incorporated In Malaysia)Company No : 732762 - TNOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL PERIOD FROM 1 APRIL 2012 TO 31 DECEMBER 20124. ACCOUNTING POLICIES AND STANDARDS (CONT’D)4.2 Summary of Significant Accounting Policies (Cont’d)(j)Income tax (cont’d)Deferred tax assets and liabilities are offset when there is a legally enforceable rightto set off current tax assets against current tax liabilities and when the deferredincome taxes relate to the same taxation authority.Deferred tax relating to items recognised outside profit or loss is recognised outsideprofit or loss. Deferred tax items are recognised in correlation to the underlyingtransactions either in other comprehensive income or directly in equity and deferredtax arising from a business combination is included in the resulting goodwill orexcess of the acquirer’s interest in the net fair value of the acquiree’s identifiableassets, liabilities and contingent liabilities over the business combination costs.(k)Cash and cash equivalentsCash and cash equivalents comprise cash in hand, bank balances, demanddeposits, deposits pledged with financial institutions, bank overdrafts and short-term,highly liquid investments that are readily convertible to known amounts of cash andwhich are subject to an insignificant risk of changes in value.(l)Revenue recognitionRevenue is measured at the fair value of the consideration received or receivableand represents amounts receivable for goods and services provided in the normalcourse of business, net of returns and trade discounts after eliminating sales withinthe Group.(i)Sale of goodsRevenue is recognised when the following conditions are satisfied :• the Group has transferred to the buyer the significant risks and rewards ofownership of the goods ;• the Group retains neither continuing managerial involvement to the degreeusually associated with ownership nor effective control over the goods sold ;• the amount of revenue can be measured reliably ;• it is probable that the economic benefits associated with the transactions willflow to the entity ; and• the cost incurred or to be incurred in respect of the transaction can bemeasured reliably.Page 37
TEO SENG CAPITAL BERHAD(Incorporated In Malaysia)Company No : 732762 - TNOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL PERIOD FROM 1 APRIL 2012 TO 31 DECEMBER 20124. ACCOUNTING POLICIES AND STANDARDS (CONT’D)4.2 Summary of Significant Accounting Policies (Cont’d)(l)Revenue recognition (cont’d)(ii)Management fee incomeManagement fee income from subsidiaries is recognised on accrual basis uponservices rendered.(iii) Dividend incomeDividend income is recognised when the shareholder’s right to receive paymentis established.(iv) Interest incomeInterest income is recognised on a time proportion basis using the effectiveinterest method.(v)Rental incomeRental income is recognised on accrual basis unless collectability is in doubt, inwhich case the recognition of such income is suspended. Subsequent tosuspension, income is recognised on the receipt basis until all arrears havebeen paid.(m) Employee benefits(i)Short-term benefitsWages, salaries, paid annual leave, paid sick leave, bonuses, social securitycosts and non-monetary benefits are recognised as expenses in the profit orloss in the period in which the associated services are rendered by employeesof the Group.(ii)Defined contribution plansAs required by law, companies in Malaysia make contributions to the statepension scheme, the Employees Provident Fund (“EPF”). Some of the Group’sforeign subsidiaries make contributions to their respective countries’ statutorypension schemes. Such contributions are recognised as an expense in theprofit or loss in the period to which they relate. Once the contributions havebeen paid, the Group has no further liability in respect of the definedcontribution plans.Page 38
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LEEKEE INDUSTRIES (M) SDN - teo seng capital berhad

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