Page 181 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
(q) Borrowing costs Borrowing costs directly attributable to the acquisition construction or or production of an asset that necessarily takes a a a a a a a a a substantial period of of of time to get ready for its intended use or or sale are capitalised as as part of of of the the the cost of of of the the the asset All other borrowing costs costs costs are expensed in in in in in the the the period in in in in in which they occur Borrowing costs costs costs consist of interest and other costs costs costs that an entity incurs in in in connection with the borrowing of funds (r) Revenue
The Group is involved in in in the the construction construction industry and and and produces aggregates and and and blocs and and and other construction construction materials for resale the the Group is also involved in in the the sale sale of decorative items and agricultural products Revenue
from contracts with customers is to to to which the Company expects to to to be entitled in exchange for those goods and services The Group has generally concluded that it it is the principal in in its revenue arrangements Sale of goods Revenue
from sale of of goods is is is recognised at a a a a a point in in time when control of of the the asset is is is transferred to to the the customer generally on delivery of the goods The normal credit term is 30 days Rendering of services Services provided by the Group include workshop leisure and and landscaping Revenue
from rendering of services is is is recognised at a a a a point in in time when control of the the asset is transferred to to the the customer Project revenue The Group recognises revenue from its projects of supply and fixing over time using an an input method to measure progress towards completion of the the the asset promised because the the the customer simultaneously receives and consumes the the the benefits provided by the Company Input methods recognise revenue on on on the the the basis of of the the the entity’s efforts or or or inputs to the the the satisfaction of of a a a a a a performance obligation The Group believes that the the input method faithfully depicts the the Company’s performance towards complete satisfaction of the performance obligation (s) Taxes
Current tax
Current tax
assets and and liabilities for the the current and and prior periods are measured at the the amount expected to be recovered from or or paid to to the the taxation authorities The tax
tax
tax
rates and tax
tax
tax
laws used to to compute the the amount are are those that are are enacted or or substantively enacted at at at at the the the reporting date in in in the the the countries where the the the Group operates and generates taxable income Current tax
relating to items recognised recognised directly in in in in equity equity is is is recognised recognised in in in in equity equity and not in in in in profit or loss Management periodically evaluates positions taken in in the tax
tax
returns with respect to situations in in which applicable tax
tax
regulations are subject to interpretation and establishes provisions where appropriate Deferred tax
Deferred tax
tax
is provided using the the liability method on temporary differences between the the tax
tax
bases of assets and liabilities and their carrying amounts for financial reporting reporting purposes at at the the reporting reporting date UBP INTEGRATED REPORT 2020
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FINANCIAL CAPITAL CORPORATE MANAGEMENT STATEMENTS
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