Page 184 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
2 ACCOUNTING POLICIES (CONTINUED)
2 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(v) Distribution to equity holders
The Group and the the the Company recognise a a a a a a liability to to make distributions to to equity holders
of the the the parent when the the the distribution distribution is is is is is is is is is authorised authorised and the the the distribution distribution is is is is is is is is is no longer at the the the discretion of the the the Company A distribution distribution is is is is is is is is is authorised authorised when it is is is is is is is is is approved by the Board of Directors A corresponding amount is is recognised directly in in equity (w) Spare parts
Spare parts
parts
held by a a a a a a a a Group which will be be used to replace broken parts
parts
on on its production machineries have been classified as inventory and are are expensed to to profit or or loss when these are are replaced on on the the production machineries Spare parts
which which can be used on on on a a a a a a a specific production production machinery and which which extend the the life of the the production production machineries and and economic benefit derived from its use are capitalised as part of property plant and and equipment Depreciation on on on such spare parts
is charged to profit or loss (x) Government grants
Government grants
are not recognised until there is is reasonable assurance that the the the Group and the the the Company will comply with the the the conditions attaching to them and that the the the grants
will be received Government Wage Assistance Scheme (GWAS) was was introduced in in in fin March 2020
and was was given during the the months of of lockdown GWAS meets the the definition of of government grants
under IAS 20 GWAS is is recognised as an an an an expense over the the the the periods for which the the the the Group and the the the the Company incur the the the the related related costs for which the the grants
are are intended and are are deducted in in in reporting the the related related expenses (y) Covid-19 levy
The The Government introduced the the the Covid-19 Covid-19 levy
levy
after the the the GWAS The The Covid-19 Covid-19 levy
levy
is is an obligating event arising upon the the the making of o o of the the the the the taxable profit profit If the the the the the Group and the the the the the Company is profitable in in the the the the the next year of o o of assessment the the the the the GWAS will be considered as as a a a a a refund to the the Mauritius Revenue Authority The Covid-19 levy
is is recognised as as an expense over the the periods for which the the the the the Group and the the the the the Company have recognised the the the the the GWAS together with the the the the the corresponding liabilities 2 4 CHANGES IN IN ACCOUNTING POLICIES AND DISCLOSURES
APPLICATION OF NEW AND AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)
In In the the the the current year the the the the Group and and and and the the the the Company have applied all of the the the the new and and and and revised Standards and and and and Interpretations issued by the the International International Accounting Standards Board (“IASB”) and and the the International International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB that are relevant to its operations and effective for accounting periods beginning on July 01 01 2019 New and and revised standards that are effective for the current year The following relevant revised Standards have been applied in in fin these financial statements
Except for IFRS 16 their application has not had any significant impact on the the the amounts reported for the the the current and prior periods but may affect the the the accounting treatment for future transactions or or arrangements IAS 12
Income Taxes - - Amendments resulting from Annual Improvements 2015-2017 Cycle (income tax consequences of dividends)
184 - UBP INTEGRATED REPORT 2020