Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the net rents receivable. Turnover is recognised on a rent receivable basis to the balance sheet date.
2.3. Investment Property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.
Subsequent to initial recognition:
i. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in statement of comprehensive income in the period that they arise. Members only account for increase/decrease in the fair value if the difference year on year is material.
ii. No depreciation is provided in respect of investment properties.
2.4. Interest Payable
Interest payables are recognised in profit or loss as they accrue, using the effective interest method.