Page 55 - ar2014

53
NOTES TO THE FINANCIAL STATEMENTS
For the fnancial year ended 31 March 2014
(In Singapore dollars)
1. CORPORATE INFORMATION
MTQ Corporation Limited (the “Company”) is a limited liability company incorporated and domiciled in Singapore
and is listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
The registered offce and principal place of business of the Company is located at 182 Pandan Loop, Singapore
128373.
The principal activities of the Company relate to those of an investment holding and management company.
The nature of the operations and principal activities of the subsidiaries are described in Note 30. There have been
no signifcant changes in the nature of these activities during the fnancial year.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The consolidated fnancial statements of the Group and the balance sheet and statement of changes in equity of
the Company have been prepared in accordance with Singapore Financial Reporting Standards (FRS).
The fnancial statements have been prepared on the historical cost basis except as disclosed in the accounting
policies below.
The fnancial statements are presented in Singapore dollars ($ or SGD) and all values in the tables are rounded to
the nearest thousand ($’000) as indicated.
2.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous fnancial year except in the current
fnancial year, the Group has adopted all the new and revised standards which are effective for annual fnancial
periods beginning on or after 1 April 2013. The adoption of these standards did not have any effect on the fnancial
performance or position of the Group and the Company.
2.3 Standards issued but not yet effective
The Group has not adopted the following standards that have been issued but not yet effective:
Description
Effective for annual
periods beginning
on or after
Revised FRS 27 Separate Financial Statements 1 January 2014
Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2014
FRS 110 Consolidated Financial Statements 1 January 2014
FRS 111 Joint Arrangements 1 January 2014
FRS 112 Disclosure of Interests in Other Entities 1 January 2014
Amendments to FRS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014
Amendments to FRS 36 Recoverable Amount Disclosures for Non-fnancial Assets 1 January 2014
Amendments to FRS 39 Novation of Derivatives and Continuation of Hedge Accounting 1 January 2014
Amendments to FRS 110, FRS 112 and FRS 27: Investment Entities 1 January 2014
Amendments to FRS 110, FRS 111 and FRS 112 Consolidated Financial Statements,
Joint Arrangements and Disclosure of Interest in Other Entities: Transition Guidance
1 January 2014
Improvements to FRSs 1 July 2014