Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 141

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 19
Chunk 141
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 is recognized as an expense in the financial year in which
services is rendered.

PROVISIONS

Provisions are recognised when the Company
has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle
the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision
is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account
the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle
the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits
required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually
certain that reimbursement will be received and the amount of the receivable can be measured reliably.

REVENUE RECOGNITION

Revenue is recognised to depict the
transfer of promised services to clients at an amount that reflects the consideration to which an entity expects to be entitled in exchange
for those services. Specifically, the Company uses a five-step approach to recognise revenue:

  Step 1: Identify the contract(s) with a client  

  Step 2: Identify the performance obligations in the contract  

  Step 3: Determine the transaction price  

  Step 4: Allocate the transaction price to the performance obligations in the contract  

  Step 5: Recognise revenue when (or as) the Company satisfies a performance  

F-20

The Company recognises revenue when
(or as) a performance obligation is satisfied, i. e., when “control” of the services underlying the particular performance
obligations is transferred to clients.

A performance obligation represents
a service (or a bundle of services) that is distinct or a series of distinct services that are substantially the same.

Control is transferred overtime and
revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one
of the following criteria is met:

  the client simultaneously                                                                          

  the Company’s performance                                                                      

  the Company’s performance                                                                                                                      

Otherwise, revenue is recognised at
a point in time when the customer obtains control of the distinct service.

  Business Strategy Consultancy  

Business strategy consultancy services primarily included listing advisory
for IPO services, and non-IPO services such as advisory, investors relations and boardroom strategies