Page 139 - Annual Report 2014

Notes to the Financial Statements

Year ended 31 December 2014

These notes form an integral part of the financial statements.

The financial statements were authorised for issue by the Board of Directors on 25 February 2015.

1 Domicile and Activities
StarHub Ltd (“StarHub” or the “Company”) is incorporated in the Republic of Singapore and has its registered office at

67 Ubi Avenue 1, #05-01 StarHub Green, Singapore 408942.

The principal activities of the Company are those relating to the operation and provision of telecommunications services and
other businesses relating to the info-communications industry. The principal activities of the subsidiaries are set out in Note 5
to the financial statements.

The consolidated financial statements relate to the Company and its subsidiaries (the “Group”).

2 Summary of Significant Accounting Policies
2.1 Basis of preparation
The financial statements are prepared in accordance with Singapore Financial Reporting Standards (FRS) pursuant to the

requirements of the Companies Act, Chapter 50.

The financial statements are prepared on a historical cost basis except for certain financial assets and liabilities which are
measured at fair value as disclosed in the accounting policies below.

The financial statements are presented in Singapore dollars which is the Company’s functional currency. All financial
information presented in Singapore dollars has been rounded to the nearest million, unless otherwise stated.

The accounting policies set out below have been applied consistently by the Group to all periods presented in these financial
statements, except as disclosed below.

Adoption of new and revised standards
In the current financial year, the Group has adopted all the new and revised FRSs and Interpretations of FRSs (“INT FRSs”) that

are relevant to its operations and effective for annual periods beginning on 1 January 2014. The adoption of these new/revised
FRSs and INT FRSs does not result in substantial changes to the Group’s accounting policies and has no material effect on the
amounts reported for the current or prior years.

New accounting standards and interpretations not yet adopted
Certain accounting standards (including their consequential amendments) and interpretations that have been issued as of the

reporting date and are relevant to its operations but are not yet effective have not been applied by the Group.

Those new standards, amendments to standards and interpretations that are expected to have a significant effect on the
financial statements of the Group and the Company in future financial periods are set out below:

FRS 115 Revenue from Contracts with Customers
On 19 November 2014, the Accounting Standards Council of Singapore (“ASC”) issued FRS 115 Revenue from Contracts with

Customers, which establishes a framework and the principles that an entity shall apply to report useful information about the
nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.

The standard is effective for annual periods on or after 1 January 2017. Management is currently evaluating the effect of this
standard on the Group’s financial statements and related disclosures.

136 many lives of hubbing