Page 83 - CCS_E-AR_V6_Neat
P. 83
Competition Commission of Singapore 73
Annual Report 2013/14
Notes to Financial Statements
31 March 2014
1 GENERAL
The Competition Commission of Singapore (the “Commission”) was established as a statutory board in
Singapore under the provisions of the Competition Act, Chapter 50B (the “Act”). The principal place of business
and registered office is located at 45 Maxwell Road, #09-01, The URA Centre, Singapore 069118. The financial
statements are expressed in Singapore dollars, which is the functional currency of the Commission and the
presentation currency for the financial statements.
The Commission’s functions and duties are principally to:
(a) maintain and enhance efficient market conduct and promote overall productivity, innovation and
competitiveness of markets in Singapore;
(b) eliminate practices having adverse effect on competition in Singapore;
(c) promote and sustain competition in markets in Singapore; and
(d) promote a strong competition culture and environment throughout the economy in Singapore.
The financial statements of the Commission for the financial year ended 31 March 2014 were authorised for
issue by members of the Board on 18 June 2014.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF ACCOUNTING - The financial statements are prepared in accordance with the historical cost
basis, except as disclosed in the accounting polices below, and are drawn up in accordance with the provisions
of the Act and the Singapore Statutory Board Financial Reporting Standards (“SB-FRS”), including INT SB-FRS
and Guidance Notes.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and
services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date, regardless of whether that price is
directly observable or estimated using another valuation technique. In estimating the fair value of an asset
or a liability, the Commission takes into account the characteristics of the asset or liability which market
participants would take into account when pricing the asset or liability at the measurement date. Fair value
for measurement and/or disclosure purposes in this set of financial statements is determined on such a
basis.
Annual Report 2013/14
Notes to Financial Statements
31 March 2014
1 GENERAL
The Competition Commission of Singapore (the “Commission”) was established as a statutory board in
Singapore under the provisions of the Competition Act, Chapter 50B (the “Act”). The principal place of business
and registered office is located at 45 Maxwell Road, #09-01, The URA Centre, Singapore 069118. The financial
statements are expressed in Singapore dollars, which is the functional currency of the Commission and the
presentation currency for the financial statements.
The Commission’s functions and duties are principally to:
(a) maintain and enhance efficient market conduct and promote overall productivity, innovation and
competitiveness of markets in Singapore;
(b) eliminate practices having adverse effect on competition in Singapore;
(c) promote and sustain competition in markets in Singapore; and
(d) promote a strong competition culture and environment throughout the economy in Singapore.
The financial statements of the Commission for the financial year ended 31 March 2014 were authorised for
issue by members of the Board on 18 June 2014.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF ACCOUNTING - The financial statements are prepared in accordance with the historical cost
basis, except as disclosed in the accounting polices below, and are drawn up in accordance with the provisions
of the Act and the Singapore Statutory Board Financial Reporting Standards (“SB-FRS”), including INT SB-FRS
and Guidance Notes.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and
services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date, regardless of whether that price is
directly observable or estimated using another valuation technique. In estimating the fair value of an asset
or a liability, the Commission takes into account the characteristics of the asset or liability which market
participants would take into account when pricing the asset or liability at the measurement date. Fair value
for measurement and/or disclosure purposes in this set of financial statements is determined on such a
basis.
