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liability is settled.
(o) Employee benefits
(i) Short term employee benefits
Wages, salaries, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in the
period in which the associated services are rendered by the employees of the Group.
(ii) Defined contribution plan
The Group’s contributions to the Employees’ Provident Fund are charged to the income statement in the
period to which they relate. Once the contributions have been paid, the Group has no further payment
obligations. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction
in the future payments is available.
(iii) Share based payments
FRS 2 requires recognition of share-based payment transactions including the value of share options in the
financial statements. There was no financial impact following the prospective application of FRS 2 with effect
from 1 July 2006. All the share options were fully vested as at 1 July 2006.
(p) Revenue recognition
Scheduled passenger flight and chartered flight income are recognised upon the rendering of transportation
services and where applicable, net of discounts. The value of seats sold for which services have not been
rendered is included in current liabilities as sales in advance.
Revenue includes only the gross inflows of economic benefits received and receivable by the Company. Revenue
includes fuel surcharge, insurance surcharge and administrative fees. Cargo, freight and other related revenue are
recognised upon the completion of services rendered and where applicable, net of discounts. Amounts collected
on behalf of governments or other regulatory bodies are excluded from revenue.
Interest and rental income are recognised on an accruals basis.
(q) Foreign currencies
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (‘the functional currency’). The consolidated
financial statements are presented in Ringgit Malaysia, which is the Company’s functional and presentation
currency.
106 > AIRASIA BERHAD > annual report 2007
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SCONT’DT
(q) Foreign currencies (cont’d)
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement.
(iii) Group companies
The results and financial position of all the group entities (none of which has the currency of a
hyperinflationary economy) that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
(i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of
that balance sheet;
(ii) income and expenses for each income statement are translated at average exchange rates (unless this
average is not a reasonable approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the dates of the transactions);
and
(iii) all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign
operations are taken to shareholders’ equity. When a foreign operation is disposed of or sold, such exchange
differences that were recorded in equity are recognised in the income statement as part of the gain or loss
on disposal.
(r) Contingent liabilities
The Group does not recognise a contingent liability but discloses its existence in the financial statements. A
contingent liability is a possible obligation that arises from past events whose existence will be confirmed by
uncertain future events beyond the control of the Group or a present obligation that is not recognised because it
is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also
arises in the extremely rare circumstance where there is a liability that cannot be recognised because it cannot be
measured reliably.
In the acquisition of subsidiaries by the Group under a business combination, the contingent liabilities assumed
are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest.
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AirAsia Berhad annual report 2007 FINANCIAL STATEMENTS(13)
