Page 40 - ar2012

Notes to the Financial Statements
For the fnancial period from 1 January 2011 to 31 March 2012
38
Old Chang Kee Ltd. • Annual Report 2012
1. Corporate information
Old Chang Kee Ltd. (the “ Company”) is a limited liability company incorporated in the Republic of Singapore and was
admitted to the ofcial list of Catalist under the Singapore Exchange Securities Trading Limited Dealing and Automated
Quotation (“SGX-SESDAQ”) rules.
Te registered ofce and principal place of business of the Company is located at 2 Woodlands Terrace, Singapore 738427.
Te principal activity of the Company is investment holding. Te principal activities of the subsidiary companies are
disclosed in Note 13 to the fnancial statements.
During the fnancial period, the Company has changed its fnancial year end from 31 December to 31 March. Consequently,
the reporting period for 2012 will cover a period of 15 months from 1 January 2011 to 31 March 2012 whereas the
comparative period covers a period of 12 months for the fnancial year ended 31 December 2010.
2. Summary of signifcant accounting policies
2.1 Basis of preparation
Te consolidated fnancial statements of the Group and the balance sheet and statement of changes in equity of the Company
have been prepared in accordance with Singapore Financial Reporting Standards (“FRS ”).
Te fnancial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below.
Te fnancial statements are presented in Singapore Dollars (“SGD” or “$”) and all values in the tables are rounded to the
nearest thousand ($’000) as indicated.
2.2 Changes in accounting policies
Te accounting policies adopted are consistent with those of the previous fnancial year except in the current fnancial period,
the Group has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are efective for annual
periods beginning on or afer 1 January 2011. Te adoption of these standards and interpretations did not have any efect on
the fnancial performance or position of the Group and the Company.
2.3 Standards issued but not yet efective
Te Group has not adopted the following standards and interpretations that have been issued but not yet efective:
Description
Efective for
annual periods
beginning
on or afer
Amendments to FRS 107 Disclosures – Transfers of Financial Assets 1 July 2011
Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets 1 January 2012
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income 1 July 2012
Revised FRS 19 Employee Benefts 1 January 2013
Revised FRS 27 Separate Financial Statements 1 January 2013
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2013
FRS 110 Consolidated Financial Statements 1 January 2013
FRS 111 Joint Arrangements 1 January 2013
FRS 112 Disclosure of Interests in Other Entities 1 January 2013
FRS 113 Fair Value Measurements 1 January 2013
FRS 32 Ofsetting of Financial Assets and Financial Liabilities 1 January 2014
Except for the Amendments to FRS 1, the Directors expect that the adoption of the standards and interpretations above will
have no material impact on the fnancial statements in the period of initial application. Te nature of the impending changes
in accounting policy on adoption of the Amendments to FRS 1 is described below.