Revenue Recognition Policy

1.1Revenues are inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivery of its products, rendering services, or other activities that constitute the entity’s ongoing operations.

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1.2Revenues are recognized based on accrual accounting in accordance with Singapore Accounting Standards. 

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1.3Revenue is considered earned when the college has substantially met its obligation to deliver its products/services over the period in which the courses are conducted. 

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1.4Deposits, advance payments and progress payments for programmes and activities to be conducted primary in the next fiscal year are classified as deferred revenues and are recognized as revenue only when the revenue producing event has occurred.