NOTES TO THE FINANCIAL STATEMENTS
FOR THE FInAncIAL yEAR EnDED 30 JunE 2016
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1
CORPORATE INFORMATION
ISOTeam Ltd. (the “Company”) (Co. Reg. No. 201230294M) is a limited liability company incorporated and
domiciled in Singapore and is listed on the Singapore Exchange Securities Trading Limited.
The registered office and principal place of business of the Company is at No. 57 Kaki Bukit Place, Eunos
Techpark, Singapore 416231.
The principal activity of the Company is an investment holding company. The principal activities of the
subsidiaries are disclosed in note 14.
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a)
Basis of preparation
The financial statements are expressed in Singapore dollars and all values are rounded to the nearest
thousand ($’000) except where otherwise indicated. The financial statements have been prepared in
accordance with the provisions of the Singapore Companies Act and 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 the use of estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the financial year. Although these estimates are based on management’s best knowledge of
current events and actions and historical experiences and various other factors that are believed to be
reasonable under the circumstances, actual results may ultimately differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or
in the year of the revision and future years if the revision affects both current and future years. The areas
involving a higher degree of judgment in applying accounting policies, or areas where assumptions and
estimates have a significant risk resulting in material adjustment within next financial year, are disclosed
in note 2(bb) to the financial statements.
The carrying amounts of cash and bank balances, trade and other receivables and current payables
approximate their respective fair values due to the relatively short-term maturity of these financial
instruments.
During the financial year, the Group has adopted all new and revised FRS and Interpretations of FRS (“INT
FRS”) that are relevant to its operations and effective for the current financial year. The adoption of these
new and revised FRS and INT FRS has no any material effect on the financial statements.
65
ISOTEAM LTD.
ANNUAL REPORT 2016
