Page 149 - URA Annual Report 2021-22
P. 149

 (expressed in Hong Kong Dollars)
4. Critical accounting estimates and judgments (Continued)
Impairment of properties and provision for a committed project sensitivity
As at 31 March 2022, if the respective estimated upfront premium to be received on the projects had been increased/decreased by 5% with all other variables held constant, the surplus of the Group for the year would increase/decrease by approximately $89,500,000/$89,500,000 respectively (2020/21: $108,700,000/$171,900,000) resulting from the change in provision for impairment on properties and committed projects.
The final impairment amount for properties and the ultimate losses arise from the committed projects would be affected by the actual realised value and development and related costs and the final arrangements with the property developers.
5. Revenue and other income, net
(a) Revenue
(i) Disaggregation of revenue
Disaggregation of revenue from contracts with customers by major products or service lines is as follows:
  Revenue recognised outside the scope of HKFRS 15
- Upfront premium from property developers
- Share of property development surplus on joint
development projects
Revenue from contracts with customers within the scope of HKFRS 15
- Sale of properties
2022 $’000
20,900,300 1,362,166
390,435
22,652,901
2021 $’000
912,800 426,441
2,099,937
3,439,178
      (ii) Revenue expected to be recognised in the future arising from contracts with customers in existence at the reporting date
At 31 March 2022, the cumulative aggregate amount of revenue expected to be recognised in the consolidated statement of comprehensive income in the future from pre-completion sales contracts entered into in relation to the Group’s properties held for sale pending transfer of control amounted to $37,501,000 (2020/21: $259,373,000) which will be recognised when the properties are assigned to the customers. The Group will recognise the expected revenue in future on the basis that control over ownership of the property has been passed to the customer, which is expected to occur over the next 12 months.
URA ANNUAL REPORT 2021-22 143









































































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