88
88
SINGAPORE SHIPPING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2016
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(z) Restatement of comparatives (continued)
Taking the above into account, the Group has decided to accede to the straight-line revenue
recognition. The comparatives have been restated to be consistent with the accounting treatment
adopted for financial year ended 31 March 2016 and the effects of this adjustment are set out below.
Had the Group continued with its previous revenue recognition approach, profits for the financial years
ended 31 March 2016 and 31 March 2015 would be US$13.8 million and US$9.3 million respectively.
Consolidated Statement of Financial Position as at 31 March 2015
As previously
reported
US$’000
Restatement
US$’000
As restated
US$’000
Non-current assets
167,632
–
167,632
Net current liabilities
(5,404)
–
(5,404)
Deferred income
–
(414)
(414)
Others
(95,434)
–
(95,434)
Non-current liabilities
(95,434)
(414)
(95,848)
Net assets
66,794
(414)
66,380
Retained earnings
36,987
(414)
36,573
Others
29,807
–
29,807
Total equity
66,794
(414)
66,380
There is no impact to the consolidated statement of financial position as at 1 April 2014.
