NOTES TO THE FINANCIAL STATEMENTS
(CONT’D)
31 DECEMBER 2015
2.
SIGNIFICANT ACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION
2A.
Significant accounting policies
Revenue recognition
The revenue amount is the fair value of the consideration received or receivable from the gross inflow of economic
benefits during the reporting year arising from the course of the activities of the entity and it is shown net of any
related sales taxes and discounts. Revenue is recognised as follows:
Rental income from operating leases
Rental revenue is recognised on a time-proportion basis that takes into account the effective yield on the asset
on a straight-line basis over the leased term.
Interest income
Interest revenue is recognised using the effective interest method.
Dividend income
Dividend fromequity instruments is recognised as income when the entity’s right to receive payment is established.
Revenue from rendering of services
Revenue from rendering of services that are short of duration is recognised when the services are completed.
Income tax
The income taxes are accounted for using the asset and liability method that requires the recognition of taxes
payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequence
of events that have been recognised in the financial statements or tax returns. The measurements of current
and deferred tax liabilities and assets are based on provisions of the enacted or substantially enacted tax laws;
the effects of future changes in tax laws or rates are not anticipated. Tax expense (tax income) is the aggregate
amount included in the determination of profit or loss for the reporting year in respect of current tax and deferred
tax. Current and deferred income taxes are recognised as income or as an expense in profit or loss unless the
tax relates to items that are recognised in the same or a different period outside profit or loss. For such items
recognised outside profit or loss the current tax and deferred tax are recognised (a) in other comprehensive
income if the tax is related to an item recognised in other comprehensive income and (b) directly in Unitholders’
funds if the tax is related to an item recognised directly in Unitholders’ funds. Deferred tax assets and liabilities
are offset when they relate to income taxes levied by the same income tax authority. The carrying amount of
deferred tax assets is reviewed at each end of the reporting year and is reduced, if necessary, by the amount
of any tax benefits that, based on available evidence, are not expected to be realised. A deferred tax amount is
recognised for all temporary differences, unless the deferred tax amount arises from the initial recognition of
an asset or liability in a transaction which (i) is not a business combination; and (ii) at the time of the transaction,
affects neither accounting profit nor taxable profit (tax loss). A deferred tax liability or asset is recognised for all
taxable temporary differences associated with investments in subsidiaries except where the reporting entity is
able to control the timing of the reversal of the taxable temporary difference and it is probable that the taxable
temporary difference will not be reversed in the foreseeable future or for deductible temporary differences, they
will not be reversed in the foreseeable future and they cannot be utilised against taxable profits.
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