Straco Corporation Limited • Annual Report 2014
44
NOTES TO THE FINANCIAL STATEMENTS
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Board of Directors on 20 March 2015.
1
Domicile and activities
Straco Corporation Limited (the “Company”) is a company incorporated in Singapore. The address of the Company’s registered office is 10 Anson
Road #30-15, International Plaza, Singapore 079903.
The financial statements of the Company as at and for the year ended 31 December 2014 comprise the Company and its subsidiaries (together
referred to as the “Group” and individually as “Group entities”).
The Group and the Company are primarily involved in the development and management of tourism-related businesses.
2
Basis of preparation
2.1 Statement of compliance
The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (FRS).
2.2 Basis of measurement
The financial statements have been prepared on the historical cost basis.
2.3 Functional and presentation currency
The financial statements are presented in Singapore dollars which is the Company’s functional currency.
2.4 Use of estimates and judgements
The preparation of financial statements in conformity with FRSs require management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the
estimates are revised and in any future periods affected.
There are no critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial
statements.
