- 11 - 3.16 Treasury stock Treasury stock is presented in the consolidated statement of financial position at cost and presented as a deduction from total shareholders’ equity. Gains on disposal of treasury stock are determined by referring to its carrying amount and are taken to “Premium on treasury stock”. Losses on disposal of treasury stock are determined by referring to its carrying amount and are taken to “Premium on treasury stock” and “Retained earnings” consecutively. 3.17 Revenue recognition Revenues from sales and services Revenue comprises the fair value of the consideration received or receivable for the sale of goods and service in the ordinary course of the Group’s activities including excise tax, municipal tax and oil fund. Revenue is shown net of returns, rebates and discounts, and after eliminating sales within the Group. Revenue from sales of goods is recognised when control of the goods has transferred to the customer, being at the point the goods are delivered to the customer. Revenues from rendering of services is recognised as a performance obligation satisfied at a point in time when services underlying the particular performance obligation is transferred to the customer. Interest and dividend income Interest income is recognised using the effective interest method. Dividends are recognised when the right to receive payment is established. Other income Other income is recognised in the statement of profit or loss on an accrual basis. 3.18 Dividends payment Dividends are recorded in the consolidated and separate financial statements in the period in which they are approved by the shareholders of the Group. Interim dividends are recorded in the consolidated and separate financial statements in the period in which they are approved by the Board of directors’ of the Group. 3.19 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as Chief Executive Officer that makes strategic decisions. Segment information is presented in respect of the Group’s business segments which is based on the Group’s management and internal reporting structure. 313 NOTES TO THE FINANCIAL STATEMENTS IRPC PUBLIC COMPANY LIMITED
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