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 (cont’d):
Impact on equity:
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
Group
Previously
reported
31 December
2013
Restatement
due to
adoption of
FRS 111
Restated
31 December
2013
S$’000
S$’000
S$’000
Property, plant and equipment
7,253
–
7,253
Investment properties
8,650
–
8,650
Investment in joint ventures
–
107
107
Investment securities
24,044
–
24,044
Deferred tax assets
653
(374)
279
Contract work-in-progress
4,297
–
4,297
Development properties
296,779
(138,905)
157,874
Trade receivables
20,343
(2,278)
18,065
Other receivables
366
–
366
Amounts due from joint venture partners
26,550
(25,786)
764
Amounts due from a joint venture
–
51,544
51,544
Prepayments and deposits
2,194
(31)
2,163
Cash and short term deposits
107,681
(4,903)
102,778
Total assets
498,810
378,184
Trade and other payables
60,511
(4,967)
55,544
Amounts due to joint venture partners
26,174
(25,494)
680
Progress billings in excess of work-in-progress
58,270
–
58,270
Progress billings to customers for development projects
71,858
–
71,858
Provisions
5,609
1,359
6,968
Provision for taxation
6,025
(2)
6,023
Deferred tax liabilities
3
–
3
Loans and borrowings
128,448
(91,522)
36,926
Total liabilities
356,898
236,272
Net assets
141,912
141,912
Hock Lian Seng Holdings Limited
Annual report 2014
45
