Construction Industry Council - Annual Report 2024

ANNUAL REPORT 2024 209 For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Revenue from contracts with customers The Group recognises revenue when a performance obligation is satisfied, i.e. when “control” of the services underlying the particular performance obligation is transferred to the customer. A contract liability represents the Group’s obligation to deliver services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. Over time revenue recognition: measurement of progress towards complete satisfaction of a performance obligation Output method The progress towards complete satisfaction of a performance obligation is measured based on output method. Levy income Levy income is accounted for on an accrual basis and is recognised when the assessment of the value of construction works by the Group are complete. Government grants Government grants that are receivable as compensation for expenses or losses already incurred are recognised in profit or loss in the period in which they become receivables. Property, plant and equipment and construction in progress Property, plant and equipment held for use in the provision of services or for administrative purposes are stated in the consolidated statement of financial position at cost less subsequent accumulated depreciation and accumulated impairment losses, if any. Construction in progress represented the expenditure made for construction of property, plant and equipment for provision of services or administrative purpose. Construction in progress is carried at cost less any recognised impairment loss. Such items are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation is recognised so as to write off the cost of items of property, plant and equipment other than construction in progress less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.