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60 HAW PAR CORPORATION LIMITED
These notes form an integral part of and should be read in conjunction with the accompanying fnancial statements.
1. GENERAL
Haw Par Corporation Limited (the “Company”) is incorporated and domiciled in Singapore and is listed on
the Singapore Exchange. The address of its registered offce is as follows:
401 Commonwealth Drive
#03-03 Haw Par Technocentre
Singapore 149598
The Company is the owner of the “Tiger” trademarks and is the holding company of the Group.
The principal activities of the Company are licensing of the “Tiger” trademarks and owning investments for
long term holding purposes.
The principal activities of the Group are as follows:
(a) manufacturing, marketing and trading healthcare products;
(b) providing leisure-related goods and services; and
(c) investing in properties and securities.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
The fnancial statements have been prepared in accordance with Singapore Financial Reporting Standards
(“FRS”). The fnancial statements have been prepared under the historical cost convention, except as
disclosed in the accounting policies below.
The preparation of fnancial 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. An area involving a higher degree of judgement or
complexity, or where assumptions and estimates are signifcant to the fnancial statements, is disclosed
in Note 2(y).
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 from that date. 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 new or revised FRS and INT FRS that is relevant to the Group’s accounting policies is FRS 113 – Fair
Value Measurement. FRS 113 aims to provide consistent guidance across FRSs on fair value measurement
and disclosure requirements.
The adoption of FRS 113 does not have any material impact on the accounting policies of the Group.
The Group has incorporated the additional disclosures required by FRS 113 into the fnancial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013