for the year ended 31 December 2016
NOTES TO THE
FINANCIAL STATEMENTS
Annual Report 2016
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84
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1.
Corporate information
Baker Technology Limited (the “Company”) is a limited liability company incorporated and domiciled in
Singapore and is listed on theSingaporeExchangeSecuritiesTradingLimited (SGX-ST).
The registeredofficeandprincipalplaceofbusinessof theCompany isat10JalanSamulun,Singapore629124.
The principal activities of the Company are investment holding and the provision of specialised marine
offshore equipment and services for the oil and gas industry. The principal activities of the subsidiaries are
disclosed inNotes 12 to the financial statements.
2.
Summaryofsignificantaccountingpolicies
2.1
Basis of preparation
The consolidated financial statements of theGroup and the balance sheet and statement of changes in equity
of theCompany have been prepared in accordancewithSingaporeFinancial ReportingStandards (“FRS”).
The financial statements have been prepared on a historical cost basis, except as disclosed in the accounting
policies below.
The financial statementsarepresented inSingaporeDollars (SGDor$) andall values in the tablesare rounded
to the nearest thousand ($’000), exceptwhen otherwise indicated.
TheAccountingStandardsCouncilannouncedon29May2014 thatSingapore incorporatedcompanies listedon
theSingaporeExchangewill applyanew financial reporting framework identical to the International Financial
ReportingStandards. TheGroupwill adopt the new financial reporting frameworkon1 January2018.
The accounting policies adopted are consistent with those of the previous financial year except in the current
financial year, theGrouphas adopted all thenew and revised standardswhich are effective for annual periods
beginning on or after 1 January 2016.Management is currently assessing the impact of the adoption of these
standards on the financial performance or position of theGroup and theCompany.
