HAW PAR CORPORATION LIMITED
108
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
For the financial year ended 31 December 2014
28. SIGNIFICANT COMPANIES IN THE GROUP
(CONTINUED)
Notes
(i)
Companies indicated with a (*) are indirectly held by Haw Par Corporation Limited.
(ii)
Companies indicated with a (+) are audited by PricewaterhouseCoopers member firms outside Singapore.
(iii) Companies indicated with a (++) are audited by other firms. These foreign-incorporated companies are not
considered as significant foreign-incorporated subsidiaries under the Singapore Exchange Securities Trading
Limited - Listing Rules. Accordingly, Rule 716 of the Listing Manual has been complied with.
(iv) The company indicated with a (#) is listed on an overseas stock exchange and audited by other firm of auditors.
The Group has determined that it has significant influence even though its shareholding is below 20 per cent
because of its representations on the board of the company, to participate and influence any major decisions
relating to the relevant activities of the company.
(v)
All the above subsidiaries and associated companies operate in their respective countries of incorporation
except Hua Han Bio-Pharmaceutical Holdings Limited which operates mainly in the People’s Republic of
China.
29. NEW ACCOUNTING STANDARDS AND FRS INTERPRETATIONS AND AMENDMENTS
Below are the mandatory standards and interpretations to existing standards that have been published, and are
relevant for the Group’s accounting periods beginning on or after 1 January 2015 or later periods and which the
Group has not early adopted:
• FRS 102 Share-based Payment (effective for annual periods beginning on or after 1 July 2014)
The amendment clarifies the definition of vesting condition and separately defines ’performance condition’
and ’service condition’. The Group will apply this amendment from 1 January 2015, but this is not expected
to have any significant impact on the financial statements of the Group.
• FRS 103 Business Combinations (effective for annual periods beginning on or after 1 July 2014)
The standard is amended to clarify that an obligation to pay contingent consideration which meets the definition
of a financial instrument is classified as a financial liability or as equity, on the basis of the definitions in
FRS 32 Financial instruments: Presentation. The standard is further amended to clarify that all non-equity
contingent consideration, both financial and non-financial, is measured at fair value at each reporting date,
with changes in fair value recognised in profit and loss.
The standard is also amended to clarify that FRS 103 does not apply to the accounting for the formation of
any joint arrangement under FRS 111. The amendment also clarifies that the scope exemption only applies
in the financial statements of the joint arrangement itself.
The Group will apply this amendment for business combinations taking place on/after 1 January 2015.
