Asiaone 1-42
Asiaone 1-42
Asiaone 1-42
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3. Significant accounting policies (cont’d)<br />
(n) Government grants<br />
FINANCIAL STATEMENTS<br />
Grants related to fixed assets are presented in the balance sheet by setting up the grant<br />
as deferred income which is recognised in the profit and loss account as “Grant Income”<br />
on a systematic and rational basis over the useful life of the assets.<br />
Grants related to project costs other than fixed assets are presented in the balance sheet<br />
as deferred income which is recognised in the profit and loss account as “Grant Income” to<br />
match with the related project costs charged to the profit and loss account.<br />
Grants related to other operating expenses are offset in reporting the related expenses.<br />
These grants are recognised upon approval from the relevant government body administering<br />
the grant.<br />
(o) Website/portal development costs<br />
Cost incurred in the development of new websites/portals and enhancement of existing<br />
websites/portals, including costs incurred in the development and enhancement of contents<br />
are capitalised and amortised over their estimated useful lives, subject to an annual<br />
impairment review.<br />
(p) Cash and cash equivalents<br />
Cash and cash equivalents include bank balances and time deposits.<br />
(q) Segmental reporting<br />
The Company operates in Singapore in one business segment, that of portal sites services<br />
involving advertising, content and audiotex services.<br />
4. Revenue<br />
Revenue represents advertising, content, audiotex and other services rendered. It excludes<br />
dividends and interest income. Revenue is analysed as follows:<br />
128<br />
Proforma Company<br />
(A) (B) (A) + (B)<br />
Six- Sixmonth<br />
September July month<br />
period 1, 1999 23, 1999 period<br />
Financial year ended to to ended<br />
ended August 31, February November February February<br />
(All figures in 1997 1998 1999 28, 1999 30, 1999 29, 2000 29, 2000<br />
thousands) S$ S$ S$ S$<br />
(unaudited)<br />
S$ S$ S$<br />
Content and other services 830 1,413 1,741 584 131 887 1,018<br />
Advertising services 1,116 1,383 1,079 561 338 338 676<br />
Audiotex services 1,314 1,382 1,296 556 553 5<strong>42</strong> 1,095<br />
3,260 4,178 4,116 1,701 1,022 1,767 2,789
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