Page 114 - HKCAAVQ AR 2018-19
P. 114

Financial Report ৌਕజѓ








               Notes to the Financial Statements (continued)
               ৌਕజڌڝൗ€ᚃ

               For the year ended 31 March 2019 ࿚Їɚཧɓɘϋɧ˜ɧɤɓ˚˟ϋܓ

               3.  Significant Accounting Policies                         3.  ˴ࠅึࠇ݁ഄ€ᚃ
                    (continued)


                    Revenue from contracts with customers                      ԸІ܄˒Υߒʘϗू€࣬
                    (upon application of HKFRS 15 in                           ኽڝൗ2ʕٙཀನૢಛᏐ
                    accordance with transitions in note 2)                     ͜࠰ಥৌਕజѓ๟ۆୋ15
                    (continued)                                                ໮€ᚃ


                    Control is transferred over time and revenue is recognised over   ຅တԑɨΐૢ΁ՉʕʘɓdછՓᛆ
                    time by reference to the progress towards complete satisfaction   کၑίݔࣛݬʫᔷ୅dՉϗɝɰܲ
                    of the relevant performance obligation if one of the following   ๫ҁϓ޴ᗫᄵߒ່ਕٙආܓϾί
                    criteria is met:                                           ݔࣛݬʫᆽႩj

                    •   the customer simultaneously receives and consumes the   •   ܄˒ί͉҅ᄵߒٙΝࣛ՟੻
                        benefits provided by the Council’s performance as the       Ԩऊঃஷཀ͉҅ᄵߒה౤Զ
                        Council performs;                                           ٙлूi

                    •   the Council’s performance creates and enhances an      •    ͉҅ٙᄵߒ௴ிאҷԄə܄
                        asset that the customer controls as the Council performs;   ˒ί༟ପ஗௴ிאҷԄࣛʊ
                        or                                                          છՓٙ༟ପiא

                    •   the Council’s performance does not create an asset with   •   ͉҅ٙᄵߒԨ͊௴ிɓධ̙
                        an alternative use to the Council and the Council has an    ஗͉҅͜׵ಁ˾͜௄ٙ༟
                        enforceable right to payment for performance completed      ପd˲͉҅ՈϞఱԙʦމ˟
                        to date.                                                    ʊҁϓٙᄵߒ௅ʱϾᐏ੻˹
                                                                                    ಛʘᛆлf

                    Otherwise,  revenue  is  recognised  at  a  point  in  time  when  the   щۆdί຅܄˒՟੻࿁༈ධ׼ᆽਠ
                    customer obtains control of the distinct good or service.  ۜא؂ਕછՓᛆࣛʑᆽႩϗɝf

                    A contract asset represents the Council’s right to consideration   Υߒ༟ପܸ͉҅ʊΣ܄˒ᔷᜫਠ
                    in  exchange  for  goods  or services  that the Council has   ۜא؂ਕϾϞᛆϗ՟˾ᄆٙᛆ
                    transferred to a customer that is not yet unconditional. It is   лd˲༈ഃᛆлԨ͊༺Їೌૢ΁f
                    assessed  for  impairment  in accordance with  HKFRS  9.  In   Υߒ༟ପܲ๫࠰ಥৌਕజѓ๟ۆ
                    contrast, a receivable represents the Council’s unconditional   ୋ9໮൙Пಯ࠽fϾᏐϗሪಛۆܸ
                    right to consideration, i.e. only the passage of time is required   ͉҅ೌૢ΁ϗ՟˾ᄆٙᛆлdуස
                    before payment of that consideration is due.               ᎇഹࣛගݴ஻ՑಂϾϗಛf


                    A contract liability represents the Council’s obligation to transfer   Υߒࠋවܸ͉݊҅࿁׵ʊ੽܄˒
                    goods or services to a customer for which the Council has   ஈϗ՟˾ᄆ€אᏐ˹ٙ˾ᄆږᕘ
                    received consideration (or an amount of consideration is due)   Ͼਗ਼஬يא؂ਕʹʚ܄˒ʘ່
                    from the customer.                                         ਕf

                    A contract asset and a contract liability relating to the same   ၾΝɓΥߒϞᗫٙΥߒ༟ପձΥ
                    contract are accounted for and presented on a net basis.   ߒࠋවܲଋ࠽াሪձΐజf

               114      Hong Kong Council for Accreditation of Academic and Vocational Qualifications
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