Interfront 2024 Annual Report

INTERFRONT ANNUAL REPORT 2024 International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2024 1.6 Tax (continued) Tax expenses Current and deferred taxes are recognised as income or an expense and included in surplus or deficit for the period. 1.7 Leases A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Operating leases – lessee Operating lease payments are recognised as an expense on a straight‑line basis over the lease term. The difference between the amounts recognised as an expense and the contractual payments are recognised as an operating lease asset or liability. 1.8 Impairment of cash‑generating assets Identification Theentity assesses at each reportingdatewhether there is any indication that acash‑generating asset may be impaired. If any such indication exists, the entity estimates the recoverable amount of the asset. 1.9 Share capital/contributed capital An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Ordinary shares as well as the loan received from the shareholder are classified as equity. 1.10 Employee benefits Identification Employee benefits Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment. Short‑term employee benefits are employee benefits (other than termination benefits) that are due to be settled wholly before twelve months after the end of the reporting period in which the employees render the related service.