48
Notes to Financial Statements
December 31, 2014
1. General
The Co-operative (Unique Entity Number S83CS0191L) is incorporated in Singapore with its principal place of business
and registered office at No. 1 Joo Koon Circle, #13-01, Singapore 629117.
The principal activities of the Co-operative are those relating to supermarket, department store and convenience
store retailing and investment holding, with the social mission to contribute towards a reduction in the cost of living in
Singapore.
The principal activities of the subsidiaries are disclosed in Note 10.
The consolidated financial statements of the Group and statement of financial position, statement of profit or loss and
other comprehensive income and statement of changes in equity of the Co-operative for the year ended December 31,
2014 were authorised for issue by the Board of Directors on April 23, 2015.
2. Summary of Significant Accounting Policies
BASIS OF ACCOUNTING
The financial statements have been prepared in accordance with the historical cost basis except as disclosed in the
accounting policies below, and are drawn up in accordance with the provisions of the Co-operative Societies Act, Cap.
62 and Singapore Financial Reporting Standards (“FRS”). The financial statements are expressed in Singapore dollars.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless of whether that price is directly observable or estimated using
another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the
characteristics of the asset or liability which market participants would take into account when pricing the asset or
liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial
statements is determined on such a basis, except for leasing transactions that are within the scope of FRS 17
Leases
,
and measurements that have some similarities to fair value but are not fair value, such as net realisable value in FRS 2
Inventories
or value in use in FRS 36
Impairment of Assets.
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the
degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
value measurement in its entirety, which are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date;
• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or
liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
