Page 116 - HKCAAVQ AR 2018-19
P. 116
Financial Report ৌਕజѓ
Notes to the Financial Statements (continued)
ৌਕజڌڝൗᚃ
For the year ended 31 March 2019 ࿚Їɚཧɓɘϋɧ˜ɧɤɓ˚˟ϋܓ
3. Significant Accounting Policies 3. ˴ࠅึࠇ݁ഄᚃ
(continued)
Revenue recognition (prior to 1 April ϗूᆽႩɚཧɓɞϋ̬
2018) ˜ɓ˚ʘۃ
Revenue is measured at the fair value of the consideration ϗू˸ʊϗאᏐϗٙϗ൬ٙʮʪ
received or receivable. Provided it is probable that the economic ᄆ࠽ࠇඎfν؈ࣖू̙ঐึݴ
benefits will flow to the Council and the amount of revenue ɝ͉҅dϾϗूձϓ͉νቇ͜
and the costs incurred or to be incurred in respect of the ɦঐ̙ቦήࠇၑࣛdϗूکึ
transaction, if applicable, can be measured reliably, revenue is ࣬ኽɨΐਿίޮቱאฦ̰ʫᆽ
recognised in profit or loss as follows: Ⴉj
(i) fees for rendering of accreditation services to institutions (i) ΣዚԶ൙ᄲਕٙϗ൬
are recognised in the period to the extent the ί൙ᄲʈЪҁϓٙಂගʫᆽ
accreditation work is performed; Ⴉi
(ii) advisory fees and consultancy fees are recognised in the (ii) ፔ༔ձᚥਪ൬ίਕԶٙ
period in which such services are rendered; ಂගʫᆽႩi
(iii) fees for rendering of qualifications assessment services (iii) Զ༟ዝ൙Пਕٙϗ൬ί
are recognised in the period in which such assessment ൙ПʈЪҁϓٙಂගʫᆽ
work is completed; Ⴉi
(iv) qualifications registry fees are recognised in the period in (iv) ༟ዝΤ̅൬͜ί೮াʈЪҁ
which such services are rendered; ϓٙಂගʫᆽႩi
Dividend income from investments is recognised when the ҳ༟הٰٙࢹϗɝٰ؇ϗ՟
shareholder’s right to receive payment has been established ಛධٙᛆлᆽͭࣛᆽႩઓл
(provided that it is probable that the economic benefits will flow ू̙ঐݴɝ͉҅dϾϗूږᕘঐ
to the Council and the amount of income can be measured ̙ቦࠇඎf
reliably).
Interest income from a financial asset is recognised when it is ږፄ༟ପٙлࢹϗɝлू
probable that the economic benefits will flow to the Council ̙ঐݴɝ͉҅˲ϗूږᕘঐ
and the amount of income can be measured reliably. Interest ̙ቦήࠇඎࣛᆽႩfږፄ༟ପʘл
income is accrued on a time basis, by reference to the principal ࢹϗɝɗਞ֠͊Ꮅᒔ͉ږʿܲ
outstanding and at the effective interest rate applicable, which ቇ͜ྼყлଟуڋӉᆽႩࣛܲ
is the rate that exactly discounts the estimated future cash ږፄ༟ପٙཫࠇϋಂᆽ൨ତП
receipts through the expected life of the financial asset to that ࠇ͊ԸତږϗɝЇ༈༟ପሪࠦଋ
asset’s net carrying amount on initial recognition. ࠽ʘлଟ˸ࣛගਿࠇf
116 Hong Kong Council for Accreditation of Academic and Vocational Qualifications
࠰ಥኪஔʿᔖุ༟ዝ൙ᄲ҅
