A N N U A L R E P O R T 2 0 1 6
84
NOTES TO THE
FINANCIAL STATEMENTS
For the Financial Year Ended 31 March 2016
2.
Summary of significant accounting policies (cont’d)
2.20
Revenue
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, regardless of when the payment is made. Revenue is measured at the fair value of consideration received or receivable, taking
into account contractually defined terms of payment and excluding discounts, rebates, and sales taxes or duty. The Group assesses its
revenue arrangements to determine if it is acting as principal or agent. The following specific recognition criteria must also be met before
revenue is recognised:
(a)
Outlet sales and non-outlet sales
Revenue from sale of goods is recognised net of goods and services tax and discounts upon transferring of significant risk and
rewards of ownership of the goods to the customer which generally coincides with delivery and acceptance of the goods sold.
(b)
Interest income
Interest income is recognised using the effective interest method.
2.21
Taxes
(a)
Current income tax
Current income tax assets and liabilities for the current and prior periods 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 at the end of the reporting period, in the countries where the Group operates and generates taxable income.
Current income 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. Management periodically evaluates positions taken in the tax
returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where
appropriate.
