Singapore Airlines 2010 Annual Report Download - page 111
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ANNUAL REPORT 2009/10
109
2 Summary of Significant Accounting Policies (continued)
(aa) Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable.
Revenue is principally earned from the carriage of passengers, cargo and mail, the rendering of airport terminal
and food operations, engineering services, training of pilots, air charters and tour wholesaling and related activities.
Revenue for the Group excludes dividends from subsidiary companies and intra-group transactions.
Passenger and cargo sales are recognised as operating revenue when the transportation is provided. The value of
unused tickets and air waybills is included in current liabilities as sales in advance of carriage. The value of tickets
and air waybills are recognised as revenue if unused after two years and one year respectively.
Revenue from the provision of airport terminal services is recognised upon rendering of services. Revenue from
manufacturing and exporting chilled and frozen processed foods is recognised upon delivery and acceptance of
goods sold.
Revenue from repair and maintenance of aircraft, engine and component overhaul is recognised based on the
percentage of completion of the projects. The percentage of completion of the projects is determined based on the
number of man-hours incurred to date against the estimated man-hours needed to complete the projects.
Rental income from lease of aircraft is recognised on a straight-line basis over the lease term.
Rental income arising on investment properties is accounted for on a straight-line basis over the lease terms.
(ab) Income from investments
Dividend income from investments is recognised when the Group’s right to receive the payment is established.
Interest income from investments and fixed deposits is recognised using the effective interest method.
(ac) Employee benefits
(i) Equity compensation plans
Employees of the Group receive remuneration in the form of share options and share awards as consideration
for services rendered.
The Group has in place, the Singapore Airlines Limited Employee Share Option Plan and the SIA Engineering
Company Limited Employee Share Option Plan for granting of share options to senior executives and all other
employees. The exercise price approximates the market value of the shares at the date of grant.