43
MIGHT Directors’ Report And Audited Financial Statements 2020
18. SURPLUS/(DEFICIT) BEFORE TAX (continued) Other than those disclosed elsewhere in the financial statements, the surplus/(deficit) before tax is arrived at: (continued) COMPANY 2020 RM 2019 RM GROUP 2020 RM 2019 RM NOTE After charging:
Bad debt written o : - other receivables - deposit - GST receivables Interest expenses on hire purchase liabilities
6,500,000 2,000
6,500,000
- -
- -
- -
- 490,420
- 490,420
-
367
367
And crediting:
Gain on disposal of property, plant and equipment Gain on disposal of other investment Government grant Interest income Income distribution from short term fund Trade and other payables written back
- - 66,338,193 2,543,010
- 24,820 420,000 47,542,260 1,208,262 16,212
25,000 - 17,016,000 719,393
- -
(a) (b)
14,821,300 2,037,763
- -
- -
200,901 736,000
Government grant
(a)
Government grants are recognised in the financial statements when there is reasonable assurance that:
(i)
the Group will comply with the conditions attached to the grant; and
(ii)
the grants will be received.
Government grants relating to costs are recognised as income in income statements to match them with the related costs that they are intended to compensate.
Government grants related to assets are deducted from the carrying amount of the assets.
Included in other operating income of the Group and of the Company are government grants utilised amounting to RM66,338,193 (2019: RM47,542,260) and RM14,821,300 (2019: RM17,016,000) respectively. The government grant is recognised as other operating income in the income statements to be matched against the related operating costs that the grant is intended to compensate.
(b)
Interest income
Interest income comprises interest from bank fixed deposits. Interest income is recognised as it accrues using the e ective interest method.
Made with FlippingBook Ebook Creator