70
70
SINGAPORE SHIPPING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2016
2. BASIS OF PREPARATION (CONTINUED)
(d) Use of estimates and judgements (continued)
Measurement of fair values (continued)
• Level 1:
quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2:
inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3:
inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair
value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the
fair value hierarchy as the lowest level input that is significant to the entire measurement (with Level
3 being the lowest).
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting
period during which the change has occurred.
Further information about the assumptions made in measuring fair values is included in note 26.
(e) Changes and adoptation of new/revised financial reporting standards
On 1 April 2015, the Group adopted the new or amended FRSs that are mandatory for application
for the financial year. Changes to the Group’s accounting policies have been made as required, in
accordance with the transitional provisions in the respective FRSs.
Amendments to FRS 19
Employee Benefits Plans: Employee contributions
Amendments to FRS 16
and FRS 38
Property, Plant and Equipment and Intangible Assets: Restatement
of accumulated depreciation on revaluation
Amendments to FRS 24
Related Party Disclosures: Definition of related party
Amendments to FRS 102
Share-based Payment: Definition of vesting condition
Amendments to FRS 103
Business Combinations: Classification and measurement of
contingent consideration in a business combination and scope
exceptions for joint arrangements
Amendments to FRS 108
Operating Segments: Aggregation of operating segments and
reconciliation of the total of the reportable segments’ assets to the
entity’s assets
Amendments to FRS 113
Fair Value Measurements: Scope of portfolio – exception
