. 8 2
NOTESTOTHE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017
BAKER
TECHNOLOGY
L IMI TED
THE BE ST
I N US
1.
CORPORATE INFORMATION
Baker Technology Limited (the “Company”) is a limited liability company incorporated and domiciled in
Singapore and is listedon theSingaporeExchange Securities Trading Limited (SGX-ST).
The registeredofficeandprincipalplaceofbusinessof theCompany isat10JalanSamulun,Singapore629124.
The principal activities of the Company are investment holding and the provision of specialised marine
offshore equipment and services for the oil and gas industry. The principal activities of the subsidiaries are
disclosed inNotes 12 to the financial statements.
2.
SUMMARYOF SIGNIFICANTACCOUNTINGPOLICIES
2.1
Basisof preparation
Theconsolidated financial statementsof theGroupand thebalancesheetandstatementofchanges inequity
of theCompanyhavebeenprepared in accordancewithSingapore Financial ReportingStandards (“FRS”).
The financial statementshavebeenpreparedonahistorical costbasis, except asdisclosed in theaccounting
policies below.
The financial statementsarepresented inSingaporeDollars (SGDor$)andall values in the tablesare rounded
to thenearest thousand ($’000), exceptwhenotherwise indicated.
Convergencewith International Financial Reporting Standards
The Accounting Standards Council announced on 29 May 2014 that Singapore-incorporated companies
listedon theSingaporeExchangewill apply anew financial reporting framework identical to the International
FinancialReportingStandards. TheGroupwill adopt thenew financial reporting frameworkon1January2018.
TheGrouphasperformedanassessmentof the impactof adopting thenew financial reporting framework.
Other than theadoptionof thenew standards that areeffectiveon1January2018, theGroupexpects that
the adoptionof thenew frameworkwill havenomaterial impact on the financial statements in the year of
initial application. TheGroup expects that the impact of adopting the new standards that are effectiveon
1 January 2018will be similar to that as disclosed inNote 2.2.
Changes in accountingpolicies
The accounting policies adopted are consistent with those of the previous financial year except in the
current financial year, the Group has adopted all the new and revised standards which are effective for
annual periods beginning on or after 1 January 2017. The adoption of these standards did not have any
effect on the financial performanceor positionof theGroup and theCompany.
