119 / 132
117
EC World Real Estate Investment Trust ANNUAL REPORT 2016
NOTES TO THE
Financial Statements
For the Financial Year ended 31 December 2016
27. Segment information (continued)
Assets and liabitlites
Port
Logistics
Specialised
Logistics
E-commerce
Logistics
Total
2016
2015
2016
2015
2016
2015
2016
2015
S$’000
S$’000
S$’000
S$’000
S$’000
S$’000
S$’000
S$’000
Group
Segment assets
695,690
778,330
310,862
340,523
463,139
504,315
1,469,691
1,623,168
Unallocated assets
12,652
588
Total assets
1,482,343
1,623,756
Segment liabilities
173,366
208,037
64,359
69,083
115,122
96,940
352,847
374,060
Unallocated liabilities
– Borrowings
398,830
267,140
– Others
4,547
299,686
Total liabilities
756,224
940,886
28. New or revised accounting standards and interpretations
Below are the mandatory standards, amendments and interpretations to existing standards that have been
published, and are relevant for the Group’s accounting periods beginning on or after 1 January 2017 and which
the Group has not early adopted:
FRS 115 Revenue from contracts with customers
(effective for annual periods beginning on or after 1 January 2018)
This is the converged standard on revenue recognition. It replaces FRS 11 Construction contracts, FRS 18 Revenue,
and related interpretations. Revenue is recognised when a customer obtains control of a good or service. A
customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or
service. The core principle of FRS 115 is that an entity recognises revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which the entity expects to be entitled
in exchange for those goods or services. An entity recognises revenue in accordance with that core principle by
applying the following steps:
•
Step 1: Identify the contract(s) with a customer
•
Step 2: Identify the performance obligations in the contract
•
Step 3: Determine the transaction price
•
Step 4: Allocate the transaction price to the performance obligations in the contract
•
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
FRS 115 also includes a cohesive set of disclosure requirements that will result in an entity providing users of
financial statements with comprehensive information about the nature, amount, timing and uncertainty of
revenue and cash flows arising from the entity’s contracts with customers.
The Group is currently assessing the impact of FRS 115 and plans to adopt the new standard on the required
effective date.