I've read it as 100% can be transferred via direct bearing, but the splice should still have capacity to transfer 25% of the design load.
This is the interpretation in my part of the world as well. Locally we design (or are required to design) the splice plates for 15% of the flange load, and to transfer all of the web shear via the web connection. The connection shown in the original post has no web connection so would not be a valid connection round these parts.
Flange load is derived from the combination of flexure and axial load. All the flexure is assumed to be carried by the flanges, so the flange force is the moment divided by the distance between flange centroids +/- half the axial load. Splice pates are checked for block shear, gross/net tension, compression buckling, etc.
I've seen my fair share of bad splices, where the expectation was preparation for end bearing via milling ends or cutting to be appropriately flush and square. But what turned up on site looked like someone had just cut the end not even square. It turns into an expensive fix to rectify, on 10 storey building a few years back that we got involved in we ended up having to weld all the column splices because the alignment was so poor and the contractor didn't rectify it when they had the chance by taking it down and doing the proper end prep (carried on in the hope it would be ok or something I guess, and ignoring all advice to the contrary). This not only took ages but must have cost them a bucket load of $$, it isn't cheap prepping and site welding 350x50mm thick flanges on ~50 columns with 3 splices per column over the height of the building. All because someone couldn't cut or mill the ends of the member correctly during fabrication.
On my own designs I now make it a habit to clearly identify on the drawings where end bearing prep is going to be required, rather than assuming it will be done because the two ends might be drawn in contact. This being at bearing column splices, and at baseplates where the welds are not sufficient for the compression load case.