Page 52 - ar2012

NOTES TO THE FINANCIAL STATEMENTS
– 31 December 2012
2. Summary of significant accounting policies
2.1 Basis of preparation
The consolidated financial 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”).
The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies.
The financial statements are presented in Singapore Dollars (S$), the functional currency of the Company.
2.2 Changes in accounting policies
The accounting policies adopted are consistently applied during the entire reporting period. The Group has adopted all
the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on
or after 1 January 2012. The adoption of these standards and interpretations did not have any effect on the financial
performance or position of the Group and the Company.
2.3 Standards issued but not yet effective
The Group has not adopted the following standards and interpretations that have been issued but not yet effective:
Description
Effective for annual
periods beginning on
or after
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income 1 July 2012
Revised FRS 19 Employee Benefits 1 January 2013
FRS 113 Fair Value Measurement 1 January 2013
Amendments to FRS 107 Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013
Improvements to FRSs 2012 1 January 2013
– Amendment to FRS 1 Presentation of Financial Statements 1 January 2013
– Amendment to FRS 16 Property, Plant and Equipment 1 January 2013
– Amendment to FRS 32 Financial Instruments: Presentation 1 January 2013
Amendments to FRS 101 – Government Loans 1 January 2013
INT FRS120 Stripping Costs in the Production Phase of a Surface Mine 1 January 2013
Revised FRS 27 Separate Financial Statements 1 January 2014
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2014
FRS 110 Consolidated Financial Statements 1 January 2014
FRS 111 Joint Arrangements 1 January 2014
FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Amendments to the transition guidance of FRS 110 Consolidated Financial Statements,
FRS 111 Joint Arrangements and FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Amendments to FRS 110, FRS 112 and FRS 27: Investment Entities 1 January 2014
Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014
Except for the Amendments to FRS 1, the Directors expect that the adoption of the other standards and interpretations
above will have no material impact on the financial statements in the period of initial application. The nature of the
impending changes in accounting policy on adoption of the Amendments to FRS 1 are described below.
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income (“OCI”) is effective for financial periods
beginning on or after 1 July 2012.
Overseas Education Limited AR 2012
Investing In Education 50
W130220-Overseas Education Limited AR 2012 Financial p25-92.indd 50 26/3/13