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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