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Under the Corporation's customer loyalty program, sales of goods that result in reward credits for customers, are accounted
for as multiple-element revenue transactions, and the fair value of the consideration received or receivable is allocated
both to the goods supplied and the reward credits granted. The portion of the consideration allocated to the reward credits
should be measured at fair value and recognized as income when the customer receives the award.
b. Dividend and interest income
Dividend income from investments is recognized when the shareholder's right to receive payment has been established
and if it is probable that the economic benefits will flow to the Corporation and the income can be measured reliably.
Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the
Corporation and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference
to the principal outstanding and the effective interest rate applicable.
Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
ownership to the lessee. All other leases are classified as operating leases.
a. The Corporation as lessor
Rental income from operating leases is recognized on a straight-line basis over the term of the lease. Contingent rents
arising under operating leases are recognized as income in the period in which they are received.
b. The Corporation as lessee
Operating lease payments are recognized as an expense on a straight-line basis over the lease term. Contingent rents
arising under operating leases are recognized as an expense in the period in which they are incurred.
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of
these assets until such time as the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets
is deducted from the borrowing costs eligible for capitalization.
Other than stated above, all other borrowing costs are recognized in profit or loss in the period in which they are incurred.
Employee bene ts
a. Short-term employee bene ts
Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits
expected to be paid in exchange for the related service.
b. Retirement bene ts
Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered
service entitling them to the contributions.
Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement
benefit plans are determined using the projected unit credit method. Service cost (including current service cost) and net
interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur.
Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized
in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive
income is reflected immediately in unappropriated earnings and will not be reclassified to profit or loss.
Net defined benefit liability (asset) represents the actual deficit (surplus) in the Corporation's defined benefit plan. Any
surplus resulting from this calculation is limited to the present value of any refunds from the plans or reductions in future
contributions to the plans.
c. Other long-term employee bene ts
Other long-term employee benefits are accounted for in the same way as the accounting required for defined benefit plan
except that remeasurement is recognized in profit or loss.
Taxation
Income tax expense is the sum of the tax currently payable and deferred tax.
a. Current tax
According to the Income Tax Law, an additional tax at 10% of unappropriated earnings is provided for as income tax in the
year the shareholders approve to retain the earnings.
Adjustments of prior years' tax liabilities are added to or deducted from the current year's tax provision.
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Financial Statement