Asia-Pacific Strategic Investments Limited - Annual Report 2021

Notes to the Financial Statements For the financial year ended 30 June 2021

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Summary of significant accounting policies (continued)

2.1 Basis of preparation (continued)

Coronavirus (“COVID-19”) impact (continued)

(iii) During the financial year, the Group has received some COVID-19 related government grants from local government in Singapore (Note 7); and

(iv) The Group has considered the market conditions (including the impact of COVID-19) as at the balance sheet date, in making estimates and judgements on the recoverability of assets and provisions for onerous contracts as at 30 June 2021. The significant estimates and judgement applied on impairment assessment are disclosed in Note 3. As the global COVID-19 situation remains very fluid as at the date these financial statements were authorised for issuance, the Group cannot reasonably ascertain the full extent of the probable impact of the COVID-19 disruptions on its operating and financial performance for the financial year ending 30 June 2022. If the situation persists beyond management’s current expectations, the Group’s assets may be subjected to further write-downs in the subsequent financial periods. On 1 July 2020, the Group adopted the new or amended SFRS(I) and Interpretations of SFRS(I) (“INT SFRS(I)”) that are mandatory for application for the financial year. Changes to the Group’s accounting policies have been made as required, in accordance with the transitional provisions in the respective SFRS(I) and INT SFRS(I). The adoption of these new or amended SFRS(I) and INT SFRS(I) did not result in substantial changes to the Group’s accounting policies and had no material effect on the amounts reported for the current or prior financial years. Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Group satisfies a performance obligation (“PO”) by transferring promised goods or services to the customer, which is when the customer obtains control of the goods or services. A PO may be satisfied over time or at a point in time. The amount of revenue recognised is the amount allocated to the satisfied PO. Interpretations and amendments to published standards effective in 2021

2.2 Revenue recognition

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

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