2.
Summary of significant accounting policies (cont’d)
2.2 Changes in accounting policies (cont’d)
FRS 111 Joint Arrangements and Revised FRS 28 Investments in Associates and Joint Ventures (cont’d)
The effects of adoption of FRS 111 and FRS 28 are as follows:
Impact on statement of profit or loss:
Group
Previously
reported
2013
Restatement
due to
adoption of
FRS 111
Restated
2013
S$’000
S$’000
S$’000
Sales
92,799
(6,121)
86,678
Cost of sales
(55,206)
5,346
(49,860)
Other income
2,250
(15)
2,235
Distribution and selling cost
(3,566)
2,814
(752)
Administrative expenses
(4,321)
110
(4,211)
Other operating costs
(2,978)
–
(2,978)
Share of loss of joint ventures
–
(1,761)
(1,761)
Profit before taxation
28,978
29,351
Income tax expense
(5,080)
(373)
(5,453)
Profit for the year
23,898
23,898
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
Hock Lian Seng Holdings Limited
Annual report 2014
44
