NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
85
Annual Report 2014
These notes form an integral part of and should be read in conjunction with the accompanying financial
statements.
1.
General information
COSCO Corporation (Singapore) Limited (the “Company”) is listed on the Singapore Exchange and
incorporated and domiciled in Singapore. The address of its registered office is 9 Temasek Boulevard,
#07-00 Suntec Tower Two, Singapore 038989.
The principal activities of the Company are those of investment holding. The principal activities of its
subsidiaries are set out in Note 21 to the financial statements.
2.
Significant accounting policies
2.1
Basis of preparation
These financial statements have been prepared in accordance with Singapore Financial Reporting
Standards (“FRS”) under the historical cost convention, except as disclosed in the accounting policies
below.
The preparation of financial statements in conformity with FRS requires management to exercise its
judgement in the process of applying the Group’s accounting policies. It also requires the use of certain
critical accounting estimates and assumptions. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements, are
disclosed in Note 3.
Interpretations and amendments to published standards effective in 2014
On 1 January 2014, the Group adopted the new or amended FRS and Interpretations of FRS (“INT FRS”)
that are mandatory for application for the financial year. Changes to the Group’s accounting policies have
been made as required, in accordance with the transitional provisions in the respective FRS and INT FRS.
The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the
accounting policies of the Group and the Company and had no material effect on the amounts reported for
the current or prior financial years except for the following:
FRS 112
Disclosures of Interests in Other Entities
The Group has adopted the above new FRS on 1 January 2014. The amendment is applicable for annual
periods beginning on or after 1 January 2014. It sets out the required disclosures for entities reporting
under the new FRS 110
Consolidated Financial Statements
and FRS 111
Joint Arrangements
, and replaces
the disclosure requirements currently found in FRS 27 (revised 2011)
Separate Financial Statements
and
FRS 28 (revised 2011)
Investments in Associates and Joint Ventures
.
The Group has applied FRS 112 retrospectively in accordance with the transitional provisions (as amended
subsequent to the issuance of FRS 112 in September 2011) in FRS 112. The Group has incorporated the
additional required disclosures into the financial statements.
2.2
Revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering
of services in the ordinary course of the Group’s activities. Sales are presented, net of value-added tax,
rebates and discounts, and after eliminating sales within the Group.
