Revenue Recognition - Revenue from sales of industrial products is recognized at a point in time when control of the assets is transferred to the customer, typically upon delivery of the industrial products[192] - Revenue from R&D design services is recognized at a point in time when the relevant R&D services are provided[193] - Contract liabilities are recognized when the company receives payment from customers or when payment is due (whichever is earlier) before transferring the relevant goods or services. Contract liabilities are recognized as revenue when the company fulfills the contract by transferring control of the goods or services to the customer[194] Government Subsidies - Government subsidies are recognized at fair value when it is reasonably certain that the subsidies will be received and all attached conditions are met. When subsidies relate to expense items, they are recognized as income on a systematic basis over the period during which the costs are expected to be compensated[190] Employee Benefits - Employees of the company's subsidiaries operating in mainland China are required to participate in the central pension plan established by local municipal governments. These subsidiaries must contribute a certain percentage of their salary costs to the central pension plan. Contributions are deducted from profits and losses when they are payable according to the central pension plan regulations[195] Dividends - Interim dividends are proposed and declared simultaneously, as the company's articles of association authorize the board to declare interim dividends. Therefore, interim dividends are immediately recognized as liabilities when proposed and declared[196] Foreign Currency Transactions - The company's financial statements are presented in its functional currency, Hong Kong dollars. Each entity within the group determines its own functional currency, and items in the financial statements of each entity are measured in that functional currency. Foreign currency transactions are initially recorded at the exchange rate of the functional currency on the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency exchange rate at the end of each reporting period. Differences arising from the settlement or translation of monetary items are recognized in profit or loss[197] - Exchange differences arising from the translation of foreign operations are recognized in other comprehensive income and accumulated in the exchange fluctuation reserve (unless the difference is attributable to non-controlling interests). When a foreign operation is disposed of, the cumulative amount of the reserve related to that specific foreign operation is recognized in profit or loss[198] Deferred Tax Assets - Deferred tax assets are recognized if it is probable that future taxable profits will be available to offset deductible temporary differences. This requires significant judgment regarding the tax treatment of certain transactions and an assessment of the likelihood of sufficient future taxable profits to recover deferred tax assets[199] Property, Plant, and Equipment - The carrying amounts of property, plant, and equipment as of December 31, 2023, and December 31, 2022, were HK$182,141,000 and HK$208,561,000, respectively. The company reviews the useful lives and residual values of these assets at the end of each financial year based on changes in circumstances[200]
中国铝罐(06898) - 2023 - 年度财报