Page 56 - Demo

ISHINE CLOUD LIMITED
(A company limited by guarantee)
NOTES OF FINANCIAL ACTIVITIES March 31, 2019
GENERAL FUNDS - General funds are funds which are available to be used for any of the company’s purposes.
REVENUE RECOGNITION - Revenue is measured at the fair value of the consideration received or receivable. Revenue is recognised to the extent that it is probable that the economic bene ts will ow to the company and the revenue can be reliably measured.
Rendering of services
Revenue from rendering of services are recognised when services are rendered. Sponsorship income
Sponsorship income is recognised to the extent that it is probable that the economic bene ts will ow to the company and the revenue can be reliably measured.
GOVERNMENT GRANTS - Government grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants received from NCSS are recognised as income over the periods necessary to match them with the costs for which they are intended to compensate, on a systematic basis. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate nancial support to the company with no future related costs are recognised in income or expenditure in the period in which they become receivable.
RETIREMENT BENEFIT COSTS - Payments made to state-managed retirement bene t schemes, such as the Singapore Central Provident Fund, are dealt with as payments to de ned contribution plans and are charged as an expense as they fall due.
EMPLOYEE LEAVE ENTITLEMENT - Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period.
FOREIGN CURRENCY TRANSACTIONS - The nancial statements of the company are measured and presented in the currency of the primary economic environment in which the company operates (its functional currency). Transactions in currencies other than the company’s functional currency are recorded at the rate of exchange prevailing on the date of the transaction. At end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. All exchange differences are recognised in pro t or loss.
CASH AND CASH EQUIVALENTS IN STATEMENT OF CASH FLOWS - Cash and cash equivalents comprise cash at bank balances that are readily convertible to a known amount of cash and are subject to an insigni cant risk of changes in value.
FS14 iShine Cloud | ANNUAL REPORT 2018–2019