Annual Report 2016
81
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2016
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
– continued
Investments in associates
– continued
When the Group reduces its ownership interest in an associate or a joint venture but the Group
continues to use the equity method, the Group reclassifies to profit or loss the proportion of the
gain or loss that had previously been recognised in other comprehensive income relating to that
reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the
disposal of the related assets or liabilities.
When a group entity transacts with its associate of the Group, profits and losses resulting from the
transactions with the associate are recognised in the consolidated financial statements only to the
extent of interests in the associate that are not related to the Group.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is
reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Revenue from the sale of goods is recognised when the goods are delivered and titles have
passed, at which time all the following conditions are satisfied:
• the Group has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Group retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the
Group; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
