reserve RM’million Employee benefits reserve RM’million FVOCI reserve RM’million Total RM’million Company 2023 As at the beginning of the financial year 344.4 (5,829.8) 32.0 (5,453.4) Arising in the financial year (107.4) (585.3) (15.7) (708.4) As at the end of the financial year 237.0 (6,415.1) 16.3 (6,161.8) 2022 As at the beginning of the financial year 358.5 (6,324.2) 24.1 (5,941.6) Arising in the financial year (14.1) 494.4 7.9 488.2 As at the end of the financial year 344.4 (5,829.8) 32.0 (5,453.4) 31 REVENUE Accounting Policy Revenue which represents income arising in the course of the Group’s and the Company’s ordinary activities is recognised by reference to each distinct performance obligation promised in the contracts with customers. Revenue from contracts with customers is measured at its transaction price, being the amountof consideration which the Group and the Company expect to be entitled in exchange for transferring promised goods or services to a customer, net of goods and service tax, returns, rebates and discounts. Transaction price is allocated to each performance obligation on the basis of the relative stand-alone selling prices of each distinct good or services promised in the contract. Depending on the substance of the respective contract with the customer, revenue is recognised when the performance obligation is satisfied, which may be at a point in time or over time. The Group and the Company do not expect any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group and the Company do not adjust any of the transaction prices for the time value of money. (a) Electricity revenue Revenue from the supply of electricity in Peninsular Malaysia (since 2014), Sabah and Wilayah Persekutuan Labuan (since 2022) is regulated based on certain formulae and parameters as set out in the regulatory implementation guidance under the IBR framework and as agreed with the regulators. The