Annual Report 2019

ANNUAL REPORT 2019 161 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 March 2019 2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued) HKFRS 15 Revenue from Contracts with Customers The Group has applied HKFRS 15 for the first time in the current year. HKFRS 15 superseded HKAS 18 Revenue , HKAS 11 Construction Contracts and the related interpretations. The Group has applied HKFRS 15 retrospectively with the cumulative effect of initially applying this Standard recognised at the date of initial application, 1 April 2018. Any difference at the date of initial application is recognised in the opening retained profits (or other components of equity, as appropriate) and comparative information has not been restated. Furthermore, in accordance with the transition provisions in HKFRS 15, the Group has elected to apply the Standard retrospectively only to contracts that are not completed at 1 April 2018 and has used the practical expedient for all contract modifications that occurred before the date of initial application, the aggregate effect of all of the modifications was reflected at the date of initial application. Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 18 Revenue and HKAS 11 Construction Contracts and the related interpretations. The Group recognises revenue from the following major sources which arise from contracts with customers: • sales of properties; • leasing of properties; • hotel operations and management; • car park operations and facilities management; • property management services; • gaming and related operations; and • interest and dividend income from financial instruments. Income from leasing of properties and interest and dividend income continued to be accounted under HKAS 17 Leases and HKFRS 9 Financial instruments , respectively. Information about the Group’s performance obligations and the accounting policies resulting from application of HKFRS 15 are disclosed in notes 7 and 3 respectively.