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Notes to the
financial statements
For the financial year ended 31 December 2018
76
B A K E R T E C H N O L O G Y
L I M I T E D
2.
Summary of significant accounting policies (cont’d)
2.2
First-time adoption of Singapore Financial Reporting Standards (International) (SFRS(I))
(cont’d)
SFRS(I) 15 Revenue from Contracts with Customers (cont’d)
Otherwise, revenue is recognised at a point in time when the customer obtains control of the
distinct good or service.
A contract asset represents the Group’s right to consideration in exchange for goods or services that
the Group has transferred to a customer that is not yet unconditional. It is assessed for impairment
in accordance with SFRS(I) 9. In contrast, a receivable represents the Group’s unconditional right to
consideration, i.e. only the passage of time is required before payment of that consideration is due.
A contract liability represents the Group’s obligation to transfer goods or services to a customer
for which the Group has received consideration (or an amount of consideration is due) from the
customer.
The Group has performed an assessment on the impact of the adoption of SFRS(I) 15 and concluded
that there is no material financial impact on the timing and amounts of revenue recognised in prior
and current years.
2.3
Standards issued but not yet effective
The Group has not adopted the following standards applicable to the Group that have been issued
but not yet effective:
Description
Effective for annual
periods beginning
on or after
SFRS(I) 16
Leases
1 January 2019
SFRS(I) INT 23
Uncertainty over Income Tax Treatments
1 January 2019
Amendments to SFRS(I) 9
Prepayment Features with
Negative Compensation
1 January 2019
Amendments to SFRS(I) 1-28
Long-term Interests
in Associates and Joint Ventures
1 January 2019
Annual Improvements to SFRS(I)s 2015-2017 Cycle
1 January 2019
Amendments to SFRS(I) 10 and SFRS(I) 1-28
Sale or Contribution
of Assets between an Investor and its Associate or Joint Venture
Date to be determined