SIGNIFICANT ACCOUNTING POLICIES. The interim financial statements are prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2019, except the changes in accounting policies as follows.
SIGNIFICANT ACCOUNTING POLICIES. The Company and its subsidiaries prepared the interim financial statements with the same accounting policies used in the preparation of the annual financial statements for the year ended December 31, 2022.
SIGNIFICANT ACCOUNTING POLICIES. The significant accounting policies used in preparing the interim financial statements are the same accounting policies used in the preparation of the annual financial statements for the year ended December 31, 2020.
SIGNIFICANT ACCOUNTING POLICIES. The significant accounting policies used in preparing the interim financial statements are the same accounting policies used in the preparation of the annual financial statements for the year ended December 31, 2019, except for the change in accounting policies according to the Company and its subsidiaries have adopted TFRS 9, Financial Instruments and group of financial reporting standards relate to financial instruments and TFRS 16 Leases which are effective on 1 January 2020, as follows:
SIGNIFICANT ACCOUNTING POLICIES. The financial statements of the CIDB have been prepared in accordance with International Accounting Standards under the historical cost convention. The significant accounting policies adopted by the Bank are as follows:
SIGNIFICANT ACCOUNTING POLICIES. The Company and its subsidiaries prepared the interim financial statements with the same accounting policies used in the preparation of the annual financial statements for the year ended December 31, 2018 except that the Company and its subsidiaries has adopted all the new and revised Thai Financial Reporting Standards (“TFRS”) that are effective for annual periods beginning on or after January 1, 2019.
SIGNIFICANT ACCOUNTING POLICIES. 4.1 Revenue and expense recognition Services income and service cost from construction The Company and its subsidiaries recognized services income from construction contracts by the percentage of completion methodbased on the assessment of the project engineer, and also compared with the percentage of completion which is derived at based on the proportion of actual construction costs incurred up to the end of the year to the total anticipated construction costs. Allowance for the total anticipated loss on construction projects will be made in the accounts as soon as the possibility of loss is ascertained. However, in the event that the received of the construction cost is more than the revenue that has to be recognized in accordance with the percentage of work completed, it will be recorded in the account "Unearned constructure - revenue". In the case that the received for the construction is less than the revenue that has to be recognized in accordance with the percentage of work completed, it will be recorded in the account "Unbilled receivables”. In determining cost of construction services, the total anticipated construction costs are attributed to each construction projects taking into account of actual cost and then recognised as cost of services in profit or loss by the percentage of completion method. The recognised cost of construction which have not yet been due have been shown under the caption of “Unbilled payable” in the statements of financial position. The actual cost of construction incurred but not yet recognised as cost of services in profit or loss has been regarded as "Construction in progress" in the statements of financial position. Construction in progress includes the cost of raw material, direct labour and other expenses incurred for each project. Such construction in progress is valued at the lower of cost or net realisable value. Sales of goods are recognized when the subsidiary has transferred significant risks and rewards of ownership of the goods to the buyer. Sales revenue is stated at the price of the invoice, excluding VAT. for products delivered after the discount has been deducted. The Company and its subsidiaries have recognized the interest income based on period proportion basis by calculating from the accrued principal. The Company and its subsidiaries have recognized the other income and expenses based on the accrual basis.
SIGNIFICANT ACCOUNTING POLICIES. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates. The following summarizes the significant accounting policies of the Funds:
SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the significant accounting policies followed by the Trust. Security Valuation--Investment securities held by the Cash Management Fund are stated at amortized cost, which approximates market value. Under this valuation method, purchase discounts and premiums are accreted and amortized ratably to maturity and are included in interest income. Investment securities held by the Intermediate-Term Government Securities Fund, the Fixed Income Fund, the Capital Appreciation Equity Fund, the Select Value Fund, and the Small Company Growth Fund which are listed on a securities exchange for which market quotations are available are valued at the last quoted sales price on each business day. If there is no such reported sale, these securities are valued at the most recently quoted bid price. Unlisted securities for which market quotations are readily available are valued at the most recently quoted bid price. Debt obligations, with sixty days or less remaining until maturity, may be valued at their amortized cost. Federal Income Taxes--It is each Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes are required. Security Transactions and Related Income--Security transactions are accounted for on the date the security is purchased or sold (trade date). Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sale of investment securities are those of the specific securities sold adjusted for the accretion and amortization of purchase discounts and premiums during the respective holding period. Purchase discounts and premiums on securities held by the Intermediate-Term Government Securities Fund, the Fixed Income Fund, the Capital Appreciation Equity Fund, the Select Value Fund, and the Small Company Growth Fund are accreted and amortized to maturity using the scientific interest method, which approximates the effective interest method. Repurchase Agreements--Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient in the event...
SIGNIFICANT ACCOUNTING POLICIES a) Critical Accounting Judgments and Estimates The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. The financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and may affect both the period of revision and future periods. HYDRO POWER TECHNOLOGIES INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARS ENDED June 30, 2019 and 2018 (Expressed in Canadian dollars)
