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These notes form an integral part of and should be read in conjunction with the accompanying financial
statements.
1. General information
Centurion Corporation Limited (the “Company”) is listed on the Singapore Exchange and incorporated and
domiciled in Singapore. The address of its registered office is 45 Ubi Road 1, #05-01, Singapore 408696.
The principal activities of the Company include investment holding and provision of management services.
The principal activities of the subsidiaries are as follows:
–
owning and providing workers and students accommodation and services (“Accommodation Business”);
–
manufacturing and providing services relating to optical storage media (“Optical Disc Business”).
2. Significant accounting policies
2.1
Basis of preparation
These financial statements have been prepared in accordance with Singapore Financial Reporting
Standards (“FRS”) under the historical cost convention, except as disclosed in the accounting policies
below.
The preparation of financial statements in conformity with FRS requires management to exercise its
judgement in the process of applying the Group’s accounting policies. It also requires the use of certain
critical accounting estimates and assumptions. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements, are
disclosed in Note 3.
Interpretations and amendments to published standards effective in 2013
On 1 January 2013, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”)
that are mandatory for application for the financial year. Changes to the Group’s accounting policies
have been made as required, in accordance with the transitional provisions in the respective FRS and
INT FRS.
The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the
Group’s and Company’s accounting policies and had no material effect on the amounts reported for the
current or prior financial years except for the following:
Amendment to FRS 1 Presentation of Financial Statements – Clarification of the requirements for
comparative information
This amendment arose from Annual Improvements to FRSs issued by the Accounting Standards Council
in August 2012. The amendment clarified that when an entity presents a balance sheet at the beginning
of the preceding period, it need not present the related notes to that balance sheet if that balance sheet
was required as a result of either:
–
retrospective application of an accounting policy, or
–
retrospective restatement or reclassification of items in the financial statements.
However, when an entity chooses to present FRS-compliant comparative financial statements in
addition to the minimum comparatives required, the entity shall present related note information for
those additional statements.
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2013
54
I
CENTURION CORPORATION LIMITED
I
ANNUAL REPORT 2013