Straco Corporation Limited • Annual Report 2014
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NOTES TO THE FINANCIAL STATEMENTS
3
Significant accounting policies (cont’d)
3.9 Employee benefits (cont’d)
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is
recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Share-based payment transactions
The share option programme allows employees of the Group to acquire shares of the Company. The fair value of options granted is recognised as an
employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the vesting period during which
the employees become unconditionally entitled to the options. At each reporting date, the Company revises its estimates of the number of options
that are expected to become exercisable. It recognises the impact of the revision of original estimates in employee expense and in a corresponding
adjustment to equity over the remaining vesting period.
The proceeds received net of any directly attributable transactions costs are credited to share capital when the options are exercised.
3.10 Revenue
Sale of tickets
Revenue from the sale of admission tickets is recognised when the tickets are utilised. Tickets sold are non-refundable.
Rental income
Rental income from investment property is recognised in profit or loss on a straight-line basis over the term of the lease.
Performance fee
Revenue from show performance fee is recognised when the event takes place.
Sale of goods
Revenue from the sale of goods is recognised when the Group has delivered the products to the customers, the customer has accepted the products
and collectability of the related receivables is reasonably assured.
Dividend income
Dividend income is recognised on the date that the Group’s right to receive payment is established.
Deferred income
Sales of pre-sold tickets and annual passes are recognised on the statement of financial position. Pre-sold tickets are recognised as revenue when
utilised and annual passes are recognised as revenue on a straight-line basis over the validity of the annual passes. Unutilised amounts are recognised
as revenue upon expiry.
