Annual Report 2012 - ecoWise Holdings Limited

ecoWise Holdings Limitedannual report 20126131 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS1. GENERALecoWise Holdings Limited (the “Company”) is incorporated in Singapore with limited liability. It is listed onthe Singapore Exchange Securities Trading Limited. The registered office and principal place of business ofthe Company is located at 17 Kallang Junction, #04-03, Singapore 339274.The financial statements for the reporting year ended 31 October 2012 comprise those of the Company andits subsidiaries (collectively, the “Group”) and the Group’s interests in associates. All financial informationpresented in Singapore dollars have been rounded to the nearest thousand (“$’000”), unless otherwise stated.The financial statements were approved and authorised for issue by the board of directors on the date ofstatement by directors.The principal activities of the Company are those of an investment holding company and provision ofmanagement services to its subsidiaries. The principal activities of the subsidiaries are disclosed in Note 17to the financial statements.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESAccounting ConventionThe financial statements have been prepared in accordance with the Singapore Financial Reporting Standards(“FRS”) and the related Interpretations to FRS (“INT FRS”) as issued by the Singapore Accounting StandardsCouncil and provisions in the Singapore Companies Act, Chapter 50. The financial statements are preparedon a going concern basis under the historical cost convention except where a FRS requires an alternativetreatment (such as fair values) as disclosed where appropriate in these financial statements.Basis of PreparationThe preparation of financial statements in conformity with generally accepted accounting principles requiresthe management to make estimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date of the financial statements and thereported amounts of revenues and expenses during the reporting year. Actual results could differ from theseestimates. The estimates and assumptions are reviewed on an on-going basis. Apart from those involvingestimations, management has made judgements in the process of applying the Group’s accounting policies.The areas requiring management’s most subjective or complex judgements, or areas where assumptionsand estimates are significant to the financial statements, are disclosed at the end of this note to the financialstatements, where applicable.