2014-04-28 11:22 PM
SINGAPORE--(BUSINESS WIRE)--Apr 28, 2014--Regulatory News:
EOC Limited ("the Company") (OSE:EOC)?is required under the Singapore Companies Act (Chapter 50), Sec 201, to prepare and present its financial statements in accordance with Singapore Financial Reporting Standards ("SFRS") unless waiver approval is obtained from the Registrar of Companies ("Registrar"). At the last Annual General Meeting held on 6 January 2014, the shareholders of the Company has adopted the Audited Financial Statements of the Company for the financial year ended 31 August 2013 together with Auditors' Report based on International Financial Reporting Standards ("IFRS"). However, waiver for presenting the financial statements in IFRS was not granted for the financial year ended 31 August 2013. Accordingly, another set of financial statements has been prepared and drawn up in accordance with provisions of the Singapore Companies Act and SFRS.
The Company has reviewed and made an assessment on the SFRS financial statements and are satisfied that there is no difference in the financial amount reported, compared to the IFRS financial statements previously adopted by the shareholders on 6 January 2014. In addition, apart than the following changes:
a. additional subsequent event disclosure note due to changes in dating of the financial statements (IFRS financial statements was dated 16 December 2013 and SFRS financial statements was dated 21 April 2014 for
(i). the acquisition of SJR Marine (L) Ltd which was announced on 26 December 2013; and
(ii). the sale and leaseback transaction for M.V. Lewek Champion which was announced on 19 February 2014;
b. changes were made to correctly name the standards in accordance with SFRS naming convention;
c. changes were made to reflect that the Company has considered and anticipated the adoption of additional standards, interpretations and amendments to standards in relation to SFRS, that were issued but not effective until future period;
d. additional description on the process of transition from IFRS to SFRS; and
e. additional statement of compliance that the financial statements are in compliance with all requirements of IFRS in accordance with IAS 1 Presentation of Financial Statements;
there is no difference in the Notes to the Financial Statements being presented.
A copy of the financial statements prepared and presented in accordance with SFRS is attached and a copy is also made available at our Company's website www.emasoffshore-cnp.com.
The SFRS financial statements will be lodged with the Registrar.
The Company has prepared and presented its financial statements in accordance with SFRS with effect from second quarter of the financial period ended 28 February 2014 which was announced on 8 April 2014.
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CONTACT: EOC Limited
Mr. Jason Goh
+65 6590 8209
KEYWORD: EUROPE NORWAY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE
SOURCE: EOC Limited
Copyright Business Wire 2014
PUB: 04/28/2014 11:15 AM/DISC: 04/28/2014 11:15 AM