MITRA-AnnualReport2011 (1.2MB).pdf - Announcements - Bursa ...

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Notes to The Financial Statements (cont’d) 2. SUMMARy of SIGNIfICANT ACCoUNTING polICIES (CoNT’D) 2.3 Significant Accounting policies (cont’d) 2.3.21 Borrowing Costs Borrowing costs are capitalised as part of the cost of a qualifying asset if they are directly attributable to the acquisition, construction or production of that asset. Capitalisation of borrowing costs commences when the activities to prepare the asset for its intended use or sale are in progress and the expenditures and borrowing costs are incurred. Borrowing costs are capitalised until the assets are substantially completed for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period they are incurred. Borrowing costs consist of interest and other costs that the Group and the Company incurred in connection with the borrowing of funds. 2.3.22 Employee Benefits (i) Short term employee benefits Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which the associated services are rendered by employees of the Group. Short term accumulating compensated absences such as paid annual leave are recognised when services are rendered by employees that increase their entitlement to future compensated absences, and short-term nonaccumulating compensated absences such as sick leave are recognised when the absences occur. (ii) Defined contribution plans As required by law, companies in Malaysia make contributions to the Employees Provident Fund (“EPF”). Some of the Group’s foreign subsidiary companies make contributions to their respective countries’ statutory pension schemes. Such contributions are recognised as an expense in profit or loss as incurred. (iii) Share-based compensation The Mitrajaya Holdings Berhad Employee Share Options Scheme (“ESOS”), an equity-settled, sharebased compensation plan, allows the Group’s employees to acquire ordinary shares of the Company. The total fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in the share option reserve within equity over the vesting period and taking into account the probability that the options will vest. The fair value of share options is measured at grant date, taking into account, if any, the market vesting conditions upon which the options were granted but excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable on vesting date. The Company recognised the impact of the estimate of the number of options that are expected to become exercisable on vesting date, if any, in the profit or loss, and a corresponding adjustment to equity over the remaining vesting period. The equity amount is recognised in the share option reserve until the option is exercised, upon which it will be transferred directly to retained profits. The proceeds received net of any directly attributable transaction costs are credited to equity when the options are exercised. No ESOS option was granted to date. <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011 57
Notes to The Financial Statements (cont’d) 2. SUMMARy of SIGNIfICANT ACCoUNTING polICIES (CoNT’D) 2.3 Significant Accounting policies (cont’d) 2.3.23 Revenue Recognition 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. The following specific recognition criteria must also be met before revenue is recognised:- (i) Dividend income Dividend income of the Group and of the Company is recognised when the right to receive payment is established. (ii) Construction contracts Revenue from construction contracts is accounted for by the stage of completion method as described in Note 2.3.13. (iii) Rental income Rental income is recognised on a straight line basis over the term of the lease. (iv) Sale of properties Revenue from sale of development properties is accounted for by the stage of completion method as described in Note 2.3.14(ii). (v) Sales of goods Revenue is recognised net of sales taxes and upon transfer of significant risks and rewards of ownership to the buyer. 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. (vi) Golf management, photorefractive keratectomy and rental of plant and machinery Revenue of the Group from golf management, photorefractive keratectomy and rental of plant and machinery are recognised when services are rendered. (vi) Interest income 2.3.24 Income Taxes Interest income is recognised on an accrual basis using the effective interest method. (i) 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 end of the reporting period. 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. 58 <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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2011 Annual Report
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Corporate Information Board of dire
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Board of Directors from left to rig
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