CCS Annual Report 2015-2016

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

betweenmarket 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 themeasurement date. Fair value formeasurement and/or disclosure purposes

in this set of financial statements is determined on such a basis.

ADOPTION OF NEW AND REVISED STANDARDS

- On 1 April 2015, the Commission adopted all the new/

revised SB-FRSs, INT SB-FRS and SB-FRS Guidance Notes that are effective from that date and are relevant

to its operations. The adoption of these new/revised SB-FRSs, INT SB-FRS and SB-FRS Guidance Notes do not

result in changes to the Commission’s accounting policies and has no material effect on the amounts reported

for the current or prior years.

Management has considered and is of the view that the adoption of the SB-FRSs, INT SB-FRSs and Amendments

to SB-FRSs that were issued as at the date of authorisation of these financial statements but not effective until

future periods will have no material impact on the financial statements in the period of their initial adoption.

NOTES TO FINANCIAL STATEMENTS

31 MARCH 2016

TheCompetitionCommissionof Singapore (the “Commission”)wasestablishedasastatutoryboard inSingaporeunder the

provisions of the CompetitionAct, 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:

GENERAL

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Commission for the financial year ended 31 March 2016 were authorised for issue by

members of the Board on 15 June 2016.

maintain and enhance efficient market conduct

and promote overall productivity, innovation and

competitiveness of markets in Singapore;

eliminate or control practices having adverse effect

on competition in Singapore;

promoteandsustaincompetitioninmarketsinSingapore;

promoteastrongcompetitive cultureandenvironment

throughout the economy in Singapore;

advise the Government or other public authority on

national needs and policies in respect of competition

matters generally.

FINANCIAL STATEMENTS

CCS ANNUAL REPORT 2015-2016