ANNUAL REPORT 2014
57
These notes form an integral part of and should be read in conjunction with the accompanying financial 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 office 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 financial statements have been prepared in accordance with Singapore Financial Reporting Standards
(“FRS”). The financial statements have been prepared 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 where
assumptions and estimates are significant to the financial statements are disclosed in Note 2(y).
Interpretations and amendments to published standards effective in 2014
On 1 January 2014, 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.
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
