ROYAL ASIATIC SOCIETY - HONG KONG BRANCH
2.SIGNIFICANT ACCOUNTING POLICIES - continued
The gain or loss arising from disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the income and expenditure account.
Depreciation is provided to write off the cost of equipment over its estimated useful life and after taking into account its estimated residual value, using the straight line method at 25% per annum.
The Society's journal
Provision is made each year for the estimated cost of printing the journal published for the previous year. Only those members who have paid their subscriptions in full in any year are entitled to receive the previous year's journal. No value is attributed to journals remaining in stock at the balance sheet date.
Other publications and stocks
As and when the Society commissions other publications or purchases other items for resale, the stock of such items is carried at net cost to the Society, less provision to reduce the balance to estimated net realisable value.
Purchase of books
The cost of books purchased for the Society's library is written off in the year in which it is incurred.
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ROYAL ASIATIC SOCIETY - HONG KONG BRANCH
2.SIGNIFICANT ACCOUNTING POLICIES - continued
The gain or loss arising from disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the income and expenditure
account.
Depreciation is provided to write off the cost of equipment over its estimated useful life and after taking into account its estimated residual value, using the straight line method at 25% per annum.
The Society's journal
Provision is made each year for the estimated cost of printing the journal published for the previous year. Only those members who have paid their subscriptions in full in any year are entitled to receive the previous year's journal. No value is attributed to journals remaining in stock at the balance sheet date.
Other publications and stocks
As and when the Society commissions other publications or purchases other items for resale, the stock of such items is carried at net cost to the Society, less provision to reduce the balance to estimated net realisable value.
Purchase of books
The cost of books purchased for the Society's library is written off in the year in which it is incurred.
xxxix
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