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 (cont’d):
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
Group
Previously
reported
1 January
2013
Restatement
due to
adoption of
FRS 111
Restated
1 January
2013
S$’000
S$’000
S$’000
Property, plant and equipment
7,388
–
7,388
Investment properties
11,430
–
11,430
Investment in joint ventures
–
509
509
Investment securities
22,940
–
22,940
Deferred tax assets
273
–
273
Contract work-in-progress
5,241
–
5,241
Development properties
241,133
(125,989)
115,144
Trade receivables
16,369
–
16,369
Other receivables
260
–
260
Amounts due from joint venture partners
20,518
(20,224)
294
Amounts due from a joint venture
–
40,440
40,440
Prepayments and deposits
739
–
739
Cash and short term deposits
111,818
(257)
111,561
Total assets
438,109
332,588
Trade and other payables
58,586
(92)
58,494
Amounts due to joint venture partners
20,372
(20,220)
152
Progress billings in excess of work-in-progress
63,241
–
63,241
Progress billings to customers for development projects
16,308
–
16,308
Provisions
8,603
–
8,603
Provision for taxation
5,101
(2)
5,099
Deferred tax liabilities
8
–
8
Loans and borrowings
138,675
(85,207)
53,468
Total liabilities
310,894
205,373
Net assets
127,215
127,215
Hock Lian Seng Holdings Limited
Annual report 2014
46
