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is recognised in profit or loss as follows:
(i) Passenger, cargo and mail revenues
Passenger, cargo and mail revenues are recognised at the fair value of the consideration received when the transportation is provided. Ticket sales for transportation not yet provided are included in current liabilities as sales in advance of carriage. Revenues from airline-related business are recognised when services are rendered. Revenue is stated net of sales tax.
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009
68 Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
2 Principal accounting policies (cont’d)
(v) Revenue recognition (cont’d)
(ii) Frequent flyer revenue
The Group maintains two frequent flyer award programmes, namely, the China Southern Airlines Sky Pearl Club and the Egrets Mileage Plus, which provide travel and other awards to members based on accumulated mileages.
Revenue received in relation to mileage earning flights is allocated, based on fair value, between the flight and mileages earned by members of the Group’s frequent flyer award programmes. The value attributed to the awarded mileages is deferred as a liability, within deferred revenue, until the mileages are ultimately utilised.
Revenue received from third parties for the issue of mileages under the frequent flyer award programmes is also
deferred as a liability, within deferred revenue.
As members of the frequent flyer award programmes redeem mileages for an award, revenue is recorded in
profit or loss. Revenue in relation to flight awards is recognised when the transportation is provided. Revenue is recognised at the point of redemption where non-flight rewards are selected.
The value attributed to mileages that are expected to expire is recognised as revenue, based on the number of mileages that have been redeemed relative to the total number expected to be redeemed.
(iii) Rental income receivable under operating leases is recognised in profit or loss in equal instalments over the
periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the use of the leased asset. Lease incentives granted are recognised in profit or loss as an integral part of the aggregate net lease payments receivables.
(iv) Dividend income is recognised when the shareholder’s right to receive payment is established.
(v) Government grants are recognised in the balance sheet initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate
the Group for expenses incurred are recognised as revenue in profit or loss on a systematic basis in the same
periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are
　
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本文鏈接地址：China Southern Airlines Company Limited Annual Report 2009(56)