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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
            AND ITS SUBSIDIARIES
            NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
            JUNE 30, 2023
            (All amounts are in Kuwaiti Dinar)

                    The Group recognizes revenue either at a point in time or over time, when (or as) the Group satisfies performance
                    obligations by transferring the promised goods or services to its customers. The Group transfers control of a good
                    or service over time (rather than at a point in time) when any of the following criteria are met:
                      The customer simultaneously receives and consumes the benefits provided by the entity’s performance as
                       the entity performs.
                      The Group’s performance creates or enhances an asset (e.g., work in process) that the customer controls as
                       the asset is created or enhanced.
                      The Group’s performance does not create an asset with an alternative use to the entity and the entity has an
                       enforceable right to payment for performance completed to date.

                    Control is transferred at a point in time if none of the criteria for a good or service to be transferred over time are
                    met. The Group considers the following factors in determining whether control of an asset has been transferred:
                      The Group has a present right to payment for the asset.
                      The customer has legal title to the asset.
                      The Group has transferred physical possession of the asset.
                      The customer has the significant risks and rewards of ownership of the asset.
                      The customer has accepted the asset.

                    Incremental costs of obtaining a contract with a customer are capitalized when incurred as the Group expects to
                    recover these  costs and  such  costs would  not  have  incurred  if the  contract  has not  been  obtained.  Sales
                    commission incurred by the Group is expensed as the amortization period of such costs is less than a year.

                    Revenue for the Group arises from the following activities:

                    Sale of properties held for trading
                    Revenue is recognized when control over the property has been transferred to the customer either at a point in
                    time or over time. The properties have generally no alternative use for the Group due to contractual restrictions,
                    and control is deemed to be transferred to the customer during the development period when the Group had an
                    enforceable right to payment for performance completed to date. Therefore, revenue is recognized and measured
                    at the transaction price agreed under the contract according to the performance completed.

                    Rent
                    Rental income is recognized, when earned, on a time apportionment basis.

                    Medical services
                    Medical services income is recognized, when earned, on a time apportionment basis.

                    Management fees
                    Fees income earned from services provided over a period of time is recognized over this time.

                    Other income
                    Other income is recognized on accrual basis.

                t)  Provisions:
                    A provision is recognized when the Group has a present legal or constructive obligation as a result of a past event
                    and  it is probable  that  an outflow of  resources embodying economic  benefits will be  required to settle the
                    obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at the
                    end of each reporting period and adjusted to reflect the current best estimate. Where the effect of the time value
                    of money is material, the amount of a provision is the present value of the expenditures expected to be required
                    to settle the obligation.





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