Notes to the Financial Statements Year ended 31 December 2013
These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 6 February 2014.
Domicile and Activities StarHub Ltd (“StarHub” or the “Company”) is incorporated in the Republic of Singapore and has its registered office at 67 Ubi Avenue 1, #05-01 StarHub Green, Singapore 408942. The principal activities of the Company are those relating to the operation and provision of telecommunications services and other businesses relating to the info-communications industry. The principal activities of the subsidiaries are set out in note 5 to the financial statements. The consolidated financial statements relate to the Company and its subsidiaries (the “Group”).
2 Summary of Significant Accounting Policies 2.1 Basis of preparation The financial statements are prepared in accordance with Singapore Financial Reporting Standards (FRS) pursuant to the requirements of the Companies Act, Chapter 50. The financial statements are prepared on a historical cost basis except for certain financial assets and liabilities which are measured at fair value as disclosed in the accounting policies below. The financial statements are presented in Singapore dollars which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest million, unless otherwise stated. The accounting policies set out below have been applied consistently by the Group to all periods presented in these financial statements, except as disclosed below.
Adoption of new and revised standards In the current financial year, the Group has adopted all the new and revised FRSs and Interpretations of FRSs (“INT FRSs”) that are relevant to its operations and effective for annual periods beginning on 1 January 2013. The adoption of these new/revised FRSs and INT FRSs does not result in substantial changes to the Group’s accounting policies and has no material effect on the amounts reported for the current or prior years.
New accounting standards and interpretations not yet adopted Certain accounting standards (including their consequential amendments) and interpretations that have been issued as of the reporting date and are relevant to its operations but are not yet effective have not been applied by the Group. The initial application of the standards and interpretations relevant to the Group’s operations is not expected to have any material impact on the Group’s financial statements. The Group has not considered the impact of the accounting standards issued after 31 December 2013.
2.2 Consolidation Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. Investments in subsidiaries are stated in the Company’s statement of financial position at cost less impairment losses. Subsidiaries are consolidated with the Company in the Group’s financial statements. Acquisitions of subsidiaries from related corporations controlled by the ultimate holding company, Temasek Holdings (Private) Limited (“Temasek”), are accounted for as reconstructions of businesses under common control using the historical cost method similar to the “pooling of interest” method.
StarHub Ltd Annual Report 2013