## (E) REVENuE RECOGNITION 

revenue comprises the fair value of the consideration received or receivable for the sale of goods and services, excluding Goods and Services tax, rebates and discounts and after eliminating sales within the Group. revenue is recognised as follows: 

## (i) Sales of goods 

Sales of goods are recognised when a Group entity has delivered a product to the customer. retail sales are usually in cash or by credit card. the recorded revenue is the gross amount of sale (excluding GSt), including credit card fees payable for the transaction. Such fees are included in selling expenses. 

## (ii) Sales of services 

Management fees are recognised in the accounting period in which the services are rendered. 

## (iii) Interest income 

Interest income is recognised on a time-portion basis using the effective interest method. 

## (iv) dividend income 

dividend income is recognised when the right to receive payment is established. 

## (F) CuRRENT ANd dEFERREd INCOME TAX 

the tax expense for the year comprises current and deferred tax. tax is recognised in the income statement, except to the extent that it relates to items recognised directly in equity. In this case, the tax is also recognised in equity. 

the current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. 

deferred income tax is provided in full, using the liability method, on temporary differences arising between tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. however, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. deferred income tax is determined using tax rates (and laws) that have 

been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. 

deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. 

## (G) GOOdS ANd SERVICES TAX (GST) 

the income statement and the cash flow statement have been prepared so that all components are stated exclusive of GSt. all items in the balance sheet are stated net of GSt, with the exception of receivables and payables, which include GSt invoiced. 

## (h) LEASES 

## The Group is the lessee 

leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. 

## (I) IMPAIRMENT OF NON-FINANCIAL ASSETS 

assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have an indefinite useful life, including goodwill, are not subject to amortisation and are tested annually for impairment irrespective of whether any circumstances identifying a possible impairment have been identified. an impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. the recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. 

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). 

## (J) CASh ANd CASh EQuIVALENTS 

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or 

