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Notes to the
financial statements
For the financial year ended 31 December 2018
73
A N N U A L R E P O R T
2 0 1 8
1.
Corporate information
Baker Technology Limited (the “Company”) is a limited liability company incorporated and domiciled
in Singapore and is listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
The registered office and principal place of business of the Company is at 10 Jalan Samulun,
Singapore 629124.
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 and associated companies are disclosed in Notes 12 and 13 to the financial statements
respectively.
2.
Summary of significant accounting policies
2.1
Basis of preparation
The consolidated financial statements of the Group and the balance sheet and statement of
changes in equity of the Company have been prepared in accordance with Singapore Financial
Reporting Standards (International) (SFRS(I)).
For all periods up to and including the year ended 31 December 2017, the Group prepared its
financial statements in accordance with Financial Reporting Standards in Singapore (FRS). These
financial statements for the year ended 31 December 2018 are the first time the Group has prepared
in accordance with SFRS(I). Refer to Note 2.2 for information on how the Group adopted SFRS(I).
The financial statements have been prepared on a historical cost basis, except as disclosed in the
accounting policies below.
The financial statements are presented in Singapore Dollars (SGD or $) and all values in the tables
are rounded to the nearest thousand ($’000), except when otherwise indicated.
2.2
First-time adoption of Singapore Financial Reporting Standards (International) (SFRS(I))
These financial statements for the year ended 31 December 2018 are the first time the Group and
the Company have prepared in accordance with SFRS(I). Accordingly, the Group and the Company
have prepared financial statements that comply with SFRS(I) applicable as at 31 December 2018,
together with the comparative period data for the year ended 31 December 2017, as described in
the summary of significant accounting policies. On preparing the financial statements, the Group’s
and the Company’s opening balance sheets were prepared as at 1 January 2017, the Group and the
Company’s date of transition to SFRS(I).
The principal adjustments made by the Group on adoption of SFRS(I) and the adoption of the new
standards that are effective on 1 January 2018 are disclosed below.