Sustainability and Governance Report
Notes to the FINANCIAL STATEMENTS
[Note
1. General
Ossia International Limited (the "Company") is a limited liability company incorporated and domiciled in Singapore and is listed on the Singapore Exchange Securities
Trading Limited ("SGX-ST").
The registered office and principal place of business of the Company was located at 10 Changi South Lane #07-01 Singapore 486162. Effective from 15 April 2020, the
registered office and principal place of business has been changed to 51 Changi Business Park Central 2 #08-13, The Signature Singapore 486066.
The Company's principal activity is investment holding. The principal activities of the subsidiaries are disclosed in Note 16 to the financial statements.
2.
Summary of significant accounting policies
2.1
Basis of preparation
The consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company have been prepared in accordance with
Singapore Financial Reporting Standards (International) ("SFRS(I)").
The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.
The financial statements are presented in Singapore Dollars (SGD or $) and all values in the tables are rounded to the nearest thousand ($'000) as indicated.
2.2 Changes in accounting policies and disclosures
New and amended standards and interpretations
The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Group has adopted all the new and revised
standards which are effective for annual financial periods beginning on or after 1 January 2019. Except for the adoption of SFRS(I) 16 Leases and Amendment to SFRS(I)
16: COVID-19 related Rent Concessions as described below, the adoption of these standards did not have any material effect on the financial performance or position of
the Group.
SFRS(I) 16 Leases
SFRS(I) 16 supersedes SFRS(I) 1-17 Leases, SFRS(I) INT 4 Determining whether an arrangement contains a Lease, SFRS(I) INT 1-15 Operating Leases
and SFRS(I) INT 1-27 Evaluating the Substance of Transactions involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement,
presentation and disclosure of leases and requires lessees to recognise most leases on the balance sheet.
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Incentives
Lessor accounting under SFRS(I) 16 is substantially unchanged from SFRS(I) 1-17. Lessors will continue to classify leases as either operating or finance leases using similar
principles as in SFRS(I) 1-17. Therefore, SFRS(1) 16 does not have an impact for leases where the Group is the lessor.
The Group adopted SFRS(I) 16 using the modified retrospective method of adoption with the date of initial application of 1 April 2019. Accordingly, the comparative
information presented for 2019 is not restated. The Group elected to use the transition practical expedient to not reassess whether a contract is, or contains, a lease at
1 April 2019. Instead, the Group applied the standard only to contracts that were previously identified as leases applying SFRS(I) 1-17 and SFRS(I) INT 4 at the date of initial
application.
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