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NOTES TO THE FINANCIAL STATEMENTS
F I N A N C I A L S TAT E M E N T S
2.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.3 Summary of Significant Accounting Policies (Cont’d.)
(q) Revenue Recognition (Cont’d.)
(v) Receipts in advance
Receipts in advance are deferred and classified under current liabilities in the statement of financial
position.
(vi) Interest income
Interest income is recognised using the effective interest method.
(vii) Management fees
Management fees are recognised when the Group’s right to receive payment is established.
(r)
Segment Reporting
For management purposes, the Group is organised into operating segments based on their products and services/
business activities. An operating segment’s operating results are reviewed regularly by the chief operating decision
maker, who will make decisions to allocate resources to the segments and assess the segment performance.
Additional disclosures on each of these segments are shown in Note 34.
(s) Foreign Currencies
(i)
Functional and presentation currency
The individual financial statements of each entity in the Group are measured using the currency of the primary
economic environment in which the entity operates (“the functional currency”). The consolidated financial
statements are presented in Ringgit Malaysia (“RM”), which is also the Company’s functional currency.
(ii) Foreign currency transactions
Transactions in foreign currencies other than the Company’s functional currency (foreign currencies) are
recorded in the functional currencies at exchange rates approximating those ruling at the transaction dates.
At each reporting date, monetary items denominated in foreign currencies are translated at the rates prevailing
on the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies
are translated at the rates prevailing on the date when the fair value was determined. Non-monetary items
that are measured in terms of historical cost in a foreign currency are not translated.