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Moncler Group | Annual Report 2024 Consolidated Financial Statements 358  | 

the rules and the treatment of TFR scheme were changed.

Starting from contribution vested on or after 1 January 2007

and not yet paid at the reporting date, referring to entities

with more than 50 employees, Italian post-employment benef its

is recognised as a def ined contribution plan. The contribution

vested

up to 31 December 2006 is still recognised as a def ined

benef it plan and accounted for using actuarial assumptions.

2.12 Provision for risks and charges

Provisions are recognised when the Group has a present legal

or constructive obligation as a result of past events, for which

it is probable that an outf low of economic resources will

be required to settle the obligation and where the amount

of the obligation can be reliably estimated.

Restructuring provision is recognised when the Group

has a detailed formal restructuring plan and the plan has been

implemented or the restructuring plan has been publicly

announced. Identif iable future operating losses up to the date

of a restructuring are not included in the provision.

C

hanges in estimates are recognised in the income statement

in the period in which they occur.

2.13 Share-based payments

The fair value at grant date of the incentives granted

to employees in the form of share-based payments, that are

equity settled, is usually included in expenses with a matching

increase in equity over the period during which the employees

obtain the incentives rights. The amount recognised as an expense

is adjusted to ref lect the actual number of incentives for which

the continued service conditions are met and the achievement

of non-market conditions, so that the f inal amount recognised

as an expense, is based on the number of incentives that fulf il

these conditions at the vesting date. In case the incentives

granted as share-based payments whose conditions are not

to be considered to maturity, the fair value at the grant date

of the share-based payment is measured to ref lect such conditions.

With reference to the nonvesting conditions any dif ference

between amounts at the grant date and the actual amounts will

not have any impact on the Consolidated Financial Statements

The fair value of the amount payable to employees related

to share appreciation rights settled in cash is recognised

as an expense with a corresponding increase in liabilities over

the period during which the employees unconditionally become

entitled to receive the payment The liability is measured

at yearend and the settlement date based on the fair value

of the share appreciation rights Any changes in the fair value

of the liability are recognised in prof it or loss for the year

2.14 Revenue recognition

Based on the f ive-step model introduced by IFRS 15, the Group

recognises revenues after identifying the contracts with its

clients and the related services to be provided (transfer of goods

and/or services), determining the consideration which it believes

it is entitled to in exchange for the provision of each of these

services and assessing the manner in which these services are

provided (at a given time or over time).

Wholesale sales are recognised when goods are dispatched

to trade customers, ref lecting the transfer of risks and rewards.

The provision for returns and discounts, recorded as a revenue

adjustment, is estimated and accounted based on future

expectation, taking into consideration historical return trends

and is recorded as a variable component of the contractual

con

sideration with the concurrent recognition of a liability

for returns and of the corresponding asset in the statement

of f inancial position.

Variable components of the consideration (for example,

the ef fect of returns) are recognised in the f inancial statements

only when it is highly probable that there will be no signif icant

adjustment to the amount of revenue recognised in the future.

Retail sales are recognised at the date of transactions

with f inal customers.

Royalties received from licensee are accrued as earned

on the basis of the terms of the relevant royalty agreement which

is typically based on sales volumes.

Upon receipt of an advance payment from a client, the Group

recognises the amount of the advance payment for the obligation

to transfer assets in the future under Other current liabilities

and derecognises this liability by recognising the revenue when

the assets are transferred.

The Group recognises the amounts paid to customers

as a reduction in revenues when the costs for services cannot

be reliably estimated or in costs when the costs for services

can reliably be estimated.

215 Borrowing costs

Borrowing costs are recognised on an accrual basis taking

into consideration interest accrued on the net carrying amount

of f inancial assets and liabilities using the ef fective interest

rate method

216 Taxation

Tax expense recognised in the consolidated income statement

represents the aggregated amount related to current tax

and deferred tax

Current taxes are determined in accordance with enforced

rules established by local tax authorities Current taxes are

recognised in the consolidated income statement for the period

except to the extent that the tax arises from transactions

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