Page 56 - CPM Sri Lanka Annual Report 2020-2021

56 ACCELERATION THROUGH
ADAPTATION
CPM Sri Lanka | Annual Report 2020-2021

(g) Revenue recognition

Revenue from annual subscriptions from members, registration fee, Regional management conference income,
seminar income, advertisement income, interest income, and sponsorship income are measured at the fair value of
the consideration received and to the extent that it is possible that the economic benefits will flow to the Institute
and that it can be measured reliably.

(h) Expenditure

All expenditure incurred in the operations of the Institute and in maintaining the capital assets in a state of efficiency
has been charged to income when arriving at the Institute's surplus/(deficit) for the year.

(i) Comparative information

Where necessary, comparative figures have been rearranged to conform to the current year’s presentation.

(j) Events occurring after the reporting date

All material post reporting events have been considered and where appropriate adjustments or disclosures have
been made in respective notes to the financial statements.

(k) Commitments and contingencies

Contingencies are possible assets or obligations that arise from a past event and would be confirmed only on the
occurrence or non-occurrence of uncertain future events, which are beyond the Institute’s control.

Contingent liabilities and commitments are disclosed in Notes to the Financial Statements.

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