Page 41 - Annual Report 2017

December 31, 2017
(expressed in United States Dollars)

2 Summary of significant accounting policies ... continued
Revenue recognition
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits
will flow to the entity and specifie criteria have been met as described below. The amount of revenue is not considered to be reliably
measurable until ail contingencies relating to the services have been resolved. The Company bases its estimates on historical results,
taking into consideration the type of transaction and the specifies of each arrangement. Revenue is recognised as follows:
la) Annual dues and sponsorship
Annual dues and sponsorship are recognised on an accrual basis.
lb) Conference and course fees
Conference and course fees are recognised on an accrual basis.
(cl Interest incarne
Interest income and expenses are reported on an accrual basis using the effective interest method.
Id) Rentafincome
Rentai income is recognised, using straight·line method, over the term of the lease agreements.
le) Otherrevenue
Other revenues earned by the Company are recognised on an accrual basis.
Expenses recognition
Operating expenses are recognised in profit or loss upon utilisation of the service or as incurred.
Defined Contribution Plan
The Company pays fixed percentage contributions into the CARllEC OC Pension Plan for line staff employees. The Company has no
legal or constructive obligation to pay contributions in addition to its fixed contributions which are recognised as an expense in the
period that the related employee services are received.

Foreign currency translation
(a) Functional and presentation currency
Items in the financial statements are measured using the cu rrency of the primary economic environment in which the entity
operates ("the functional cunency"). The fi nancial statements are presented in United States dollars (US$), which is the
Company's functional and presentation currency.
lb) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at
yea r·end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement
of comprehensive income.
Provisions
Provisions are recognised when obligation (Iegal or constructive) is incurred as a result of pa st events and when it is probable that an
outflow of resou rces will be required ta settle the obligation and a reliable estimate can be made of the amount of the obligation. If
the effect of the time value of money is material, provisions are determined by discounting the expected future cash flow at a pre-tax
rate that reflects cu rrent market assessment of the time value of money and, where appropriate, the risks specific to the liability.
Contingencies
Contingent liabilities are not recognised in the financial statements. They are disclosed in the notes to the financial statements unless
the possibility of an outflow of resou rces embodying the economic benefits is remote. Contingent assets are not recognised unless
the realisation of the assets is virtually certain. They are disclosed in the notes to financial statements when an inflow of economic
benefits is probable.
Subsequent events
Post year·end events that provide additional information about the Company's position at the statement of condition date (adjusting
events) are reflected in the Company's financial statements. Post year·end events that are not adjusting events are disclosed when
material to the financial statements, if any.
Comparative figures
Except when a standard or an interpretation permits or requires otherwise, ail amounts are reported or disclosed with comparative
information.