Page 183 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
Value Added Tax Revenues expenses and assets are recognised net of of the amount of of value added tax except:
• where the the value added tax tax incurred on on a a a a a a a a a a purchase of assets or or services is not recoverable from the the taxation authority in which case the the the the value added tax is is is recognised as as as as part part of of of of the the the the cost of of of of acquisition of of of of the the the the asset or as as as as part part of of of of the the the the expense item as applicable and • receivables and payables that are stated with the amount of value added tax included The net amount of of value added tax tax recoverable from or or payable to the taxation authority is included as part of of receivables or payables in fin the statement of financial position Corporate Social Responsibility
In In line with with the the definition within the the Income Tax Act 1995 Corporate Social Responsibility
(CSR) is is regarded as a a a a a a a a tax and is is therefore subsumed with the the the the income income income tax tax shown on the the the the statement of comprehensive income income income and the the the the income income income tax tax liability on on the statement of financial position The The CSR charge for the the the current period is measured at the the the amount expected to to be paid to to the the the Mauritian tax authorities The The CSR rate and laws used to compute the the amount are those charged or or substantively enacted by the the reporting date (t) Segmental reporting An operating segment is a a a component of an entity:
(a) that engages in in in in in business activities from which it it may earn revenues revenues and and incur expenses (including revenues revenues and and expenses relating to transactions with other components of the the same entity) (b) whose operating operating results are regularly reviewed by the entity’s chief operating operating decision decision maker to make make decisions about resources to to be allocated to to the segment and and assess its performance and and (c) for for which discrete financial information is is available The Group’s business business segments consist of of core business business activities retail and agriculture Most of of its activity is is performed in Mauritius (u) Other income:
Interest income For all financial instruments measured at at amortised cost interest interest income is is recorded using the effective interest interest rate (EIR) EIR is is the the the the rate that exactly discounts the the the the estimated future cash payments or receipts over the the the the expected life of the the the the financial instrument or or or a a a a a a a a a shorter period where appropriate to the the net carrying amount of the the financial asset or or or liability Interest income income is included in in in fin in in finance income income in in in fin in in profit or loss Dividend income Dividend income is is is is is recognised when when the the the Group’s right to receive the the the payment is is is is is established which is is is is is generally when when the the the Board of of Directors of of the the investee declare the the dividend UBP INTEGRATED REPORT 2020
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FINANCIAL CAPITAL CORPORATE MANAGEMENT STATEMENTS
REPORTS GOVERNANCE APPROACH
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