91 / 100
NOTES TO FINANCIAL STATEMENTS
31 MARCH 2016
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONT’D)
N
CONTRIBUTION TO CONSOLIDATED FUND
- Under Section 13(1)(e) and the First Schedule of the Singapore
Income Tax Act, Chapter 134, the income of the Commission is exempted from income tax.
In lieu of income tax, the Commission is required to make contribution to the Government Consolidated Fund
in accordance with the Statutory Corporations (Contributions to Consolidated Fund) Act, Chapter 319A. The
provision is based on the guidelines specified by the Ministry of Finance. It is computed based on the net surplus
of the Commission for each of the financial year at the prevailing corporate tax rate for the Year of Assessment.
Contribution to consolidated fund is provided for on an accrual basis.
O
CASH AND CASH EQUIVALENTS
- Cash and cash equivalents comprise cash balances, bank deposits and
deposits placed with the Accountant-General’s Department.
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 fromother 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 judgements or significant estimates that would have a significant
effect on the amounts recognised in the financial statements.
3
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
2016
2015
$
$
Financial assets
Loans and receivables:
Cash and cash equivalents
19,701,659 19,603,508
Other receivables
210,586
139,014
Total
19,912,245
19,742,522
Financial liabilities
At amortised cost:
Trade payables
212,191
-
Accrued staff costs
834,000
716,000
Accrued operating expenses
641,938
583,376
Total
1,688,129
1,299,376
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:
89
CCS ANNUAL REPORT 2015-2016
FINANCIAL STATEMENTS