In accordance with the CBN recommendation issued in 2010, the reduction in withholding tax has been directly recorded in other operating income. Amounts Payable within One Year Amounts payable are measured at their nominal value. Foreign Currencies Transactions in foreign currencies during the year are booked at the current exchange rate. All outstanding payables and receivables at year end are recorded at the exchange rate on the balance sheet date. Exchange rate gains and losses are recognised in the results under the heading ‘Other Financial Charges and Income’. Turnover Turnover from research contracts is recognised over the duration of the contract in accordance with the progress of the work and contractual terms.
ANNUAL REPORT 2014 / ABLYNX
187.
CORPORATE GOVERNANCE & FINANCIAL REVIEW