13.
Commitments (cont'd)
d) The Foundation has committed to contribute $4,000,000 to Viva Foundation for Children with Cancer for
supporting the setting up of a laboratory for leukaemia diagnosis and translational research, on terms
agreed by both parties. A total of $2,000,000 has been disbursed in 2014 and 2015. The Foundation
intends to disburse $1,000,000 each in 2016 and 2017.
e) The Foundation has committed funding of $2,500,000 to KKH Health Endowment Fund for
the purpose of establishing the Tan Cheng Lim - CCF Professorship in Paediatric Oncology at
Duke-NUS, on terms agreed by both parties. A total of $1,750,000 has been disbursed in 2014 and 2015.
The Foundation intends to disburse the remaining $750,000 inOctober 2016.
f) The Foundation has committed funding of $100,000 for the 8th International Conference on Social Work
in Health and Mental Health (ICSW) to be held in Singapore from 19 - 23 June 2016. The first tranche
of $50,000 was disbursed during the reporting year. The Foundation intends to disburse the remaining
$50,000 in 2016.
14.
Changes and adoption of financial reporting standards
For the current reporting year new or revised Singapore Financial Reporting Standards and the related
Interpretations to FRS (“INT FRS”) were issued by the Singapore Accounting Standards Council. Those
applicable to the reporting entity are listed below. These applicable new or revised standards did not require
anymodification of themeasurement methods or the presentation in the financial statements.
FRSNo.
Title
FRS 1
(early application)
FRS 19
Amendments To FRS 19: DefinedBenefit Plans: EmployeeContributions
Various
Improvements to FRSs (Issued in January 2014). Relating to
FRS 113 Fair ValueMeasurement
FRS 16Property, Plant andEquipment
FRS 24RelatedPartyDisclosures
Various
Improvements to FRSs (Issued in February 2014). Relating to
FRS 113 Fair ValueMeasurement
15.
New or amended standards in issue but not yet effective
For the future reporting years new or revised Singapore Financial Reporting Standards and the related
Interpretations to FRS (“INTFRS”) were issued by theSingaporeAccountingStandardsCouncil and thesewill
only beeffective for future reporting years. Thoseapplicable to the reportingentity for future reporting years are
listed below. The transfer to the applicable new or revised standards from the effective dates is not expected to
result inmaterial adjustments to the financial position, results of operations, or cash flows for the following year.
FRSNo.
Title
Effectivedate for periods
beginningonor after
FRS16& 38 Amendments toFRS 16 andFRS 38: Clarificationof
AcceptableMethods of Depreciation andAmortisation
1 Jan 2016
Various
Improvements toFRSs (Issued inNovember 2014)
1 Jan 2016
FRS107Financial Instruments: Disclosures –
Servicing contracts
FRS19EmployeeBenefits –Discount rate: regional
market issue
FRS109
Financial Instruments
1 Jan 2018
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