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NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2013
1.
Corporate information
Overseas Education Limited (the “Company”) is a public limited liability company incorporated and domiciled in
Singapore and is listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 7 February 2013. The
registered office and principal place of business of the Company is at 25F Paterson Road, Singapore 238515.
The principal activity of the Company is an investment holding company. The principal activities of the subsidiary
companies are set out in Note 11.
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 consistent with those of the previous financial year except in the current
financial year, the Group has adopted all the new and revised standards which are effective for annual financial
periods beginning on or after 1 January 2013. The adoption of these standards 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 that have been issued but not yet effective:
Description
Effective for annual periods
beginning on or after
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 FRS 32
Offsetting Financial Assets and Financial Liabilities
1 January 2014
Amendments to FRS 36:
Recoverable Amount Disclosures for Non-financial Assets
1 January 2014
Amendments to FRS 39:
Novation of Derivatives and Continuation of Hedge
Accounting
1 January 2014
FRS 110, FRS 111 and FRS 112
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
FRS 110, FRS 112 and FRS 27
Amendments to FRS 110, FRS 112 and FRS 27:
Investment Entities
1 January 2014
The directors expect that the adoption of the other standards above will have no material impact on the financial
statements in the period of initial application.
Overseas Education Limited AR 2013
INVESTING IN EDUCATION
44