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COSCO Corporation (Singapore) Limited
Annual Report 2015
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
Financial Statements
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 20 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 2015
On 1 January 2015, 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 108 Operating segments
The Group has adopted the above amendment to FRS 108 on 1 January 2015. The amendment is
applicable for annual periods beginning on or after 1 July 2014. It sets out the required disclosures on
the judgements made by management in aggregating operating segments. This includes description of
the segments which have been aggregated and the economic indicators which have been assessed
in determining that the aggregated segments share similar economic characteristics. The standard is
further amended to require a reconciliation of segment assets to entity’s assets when segment assets
are reported.
The Group has included the additional required disclosures in Note 36 of the financial statements.
