These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Board of Trustees on 30 June 2006.
| 1 |
Domicile and Activities |
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The Nanyang Technological University (the "University")
established by the Nanyang Technological University Act (Chapter
192, 1992 Revised Edition), is domiciled in Singapore.
The University's registered office
and place of business is located at 50 Nanyang Avenue
Singapore 639798
The University is principally engaged in the advancement and dissemination of knowledge, the promotion of research and scholarships and the conferring and awarding of degrees, diplomas and certificates. The principal activities of the subsidiaries are set out in Note 8.
The consolidated financial statements relate to the
University and its subsidiaries (referred to as the
"Group").
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| 2 |
Summary of Significant Accounting Policies |
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| 2.1 |
Basis of preparation
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The financial statements are prepared in accordance with Singapore Financial Reporting Standards (“FRS”) including related Interpretations promulgated by the Council on Corporate Disclosure and Governance and the applicable requirements of the Nanyang Technological University Act (Chapter 192, 1992 Revised Edition). |
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In 2006, the Group adopted the following new/revised FRSs which are relevant to the Group’s operations:
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| FRS 1 (revised) |
Presentation of Financial Statements |
| FRS 2 (revised) |
Inventories |
| FRS 8 (revised) |
Accounting Policies, Changes in Accounting Estimates and Errors |
| FRS 10 (revised) |
Events After the Balance Sheet Date |
| FRS 16 (revised) |
Property, Plant and Equipment |
| FRS 17 (revised) |
Leases |
| FRS 21 (revised) |
The Effects of Changes in Foreign Exchange Rates |
| FRS 24 (revised) |
Related Party Disclosures |
| FRS 27 (revised) |
Consolidated and Separate Financial Statements |
| FRS 28 (revised) |
Investment in Associates |
| FRS 32 (revised) |
Financial Instruments: Disclosure and Presentation |
| FRS 36 (revised) |
Impairment of Assets |
| FRS 38 (revised) |
Intangible Assets |
| FRS 39 |
Financial Instruments: Recognition and Measurement |
| FRS 103 |
Business Combinations |
| FRS 105 |
Non-current Assets Held for Sale and Discontinued Operations |
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The effects of adopting the new/revised FRSs in 2006 are set out in Note 24. |
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The financial statements are expressed in Singapore dollars and rounded to the nearest thousand, unless otherwise stated. They are prepared on a historical cost basis except as disclosed in the accounting policies below.
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The preparation of financial statements in conformity with FRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources.
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
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