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ASIA MEDIA GROUP Berhad
Annual Report 2016
88
Notes to the Financial Statements
(continued)
3.
Summary of significant accounting policies (cont’d)
3.14 Revenue (cont’d)
(i) Revenue from services
Revenue from services rendered is recognised net of service taxes, rebates and
discounts as and when the services are performed and delivered to customers.
(ii) Interest income
Interest income is recognised on accrual basis.
3.15 Income taxes
(i) Current tax
Current tax assets and liabilities are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used to compute
the amount are those that are enacted or substantively enacted by the reporting date.
Current taxes are recognised in profit or loss except to the extent that the tax relates
to items recognised outside profit or loss, either in other comprehensive income or
directly in equity.
(ii) Deferred tax
Deferred tax is provided using the liability method on temporary differences at the
reporting date between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all temporary differences, except where
the deferred tax liability arises from the initial recognition of goodwill or of an asset
or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences, carry
forward of unused tax credits and unused tax losses, to the extent that it is probable
that taxable profit will be available against which the deductible temporary differences,
and the carry forward of unused tax credits and unused tax losses can be utilised
except where the deferred tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that is not a
business combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss.