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Competition Commission of Singapore 81
Annual Report 2013/14
Notes to Financial Statements
31 March 2014
3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Commission’s accounting policies, which are described in Note 2, management is
required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revision and future periods if the revision affects both current and future periods.
Management is of the opinion that there are no critical judgments or significant estimates that would have a
significant effect on the amounts recognised in the financial statements.
4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT
(a)Categories of financial instruments
The following table sets out the financial instruments as at the end of the reporting period:
2014 2013
$ $
Financial assets
Loans and receivables:
Cash and cash equivalents 19,968,979 19,720,797
Other receivables 46,219 51,614
Total 20,015,198 19,772,411
Financial liabilities
At amortised cost:
Trade and other payables 1,603,684 1,568,720
Annual Report 2013/14
Notes to Financial Statements
31 March 2014
3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Commission’s accounting policies, which are described in Note 2, management is
required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revision and future periods if the revision affects both current and future periods.
Management is of the opinion that there are no critical judgments or significant estimates that would have a
significant effect on the amounts recognised in the financial statements.
4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT
(a)Categories of financial instruments
The following table sets out the financial instruments as at the end of the reporting period:
2014 2013
$ $
Financial assets
Loans and receivables:
Cash and cash equivalents 19,968,979 19,720,797
Other receivables 46,219 51,614
Total 20,015,198 19,772,411
Financial liabilities
At amortised cost:
Trade and other payables 1,603,684 1,568,720
