2 Summary of Significant Accounting Policies
T he accounting policies applied by the Group and the Company are consistent with those used in the previous financial year.
(a) Basis of preparation
T he consolidated financial statements of the Group and the statement of financial position and statement of changes
in equity of the Company have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”).
T he financial statements have been prepared on the historical cost basis except as disclosed in the accounting
policies below.
T he financial statements are presented in Singapore Dollars (SGD) and all values in the tables are rounded to the
nearest million as indicated.