NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) G. OTHERS G1 Adoption of new standards and interpretations G3 Climate change G2 New standards and interpretations not adopted G1 Adoption of new standards and interpretations On 1 January 2024, the Group has adopted the new or amended SFRS(I)s and Interpretations of SFRS(I)s (“INT SFRS(I)s”) 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)s and INT SFRS(I)s. The adoption of these new or amended SFRS(I)s and INT SFRS(I)s 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. Applicable to 2024 financial statements • Amendments to SFRS(I) 1-1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current • Amendments to SFRS(I) 1-1 Presentation of Financial Statements: Non-current Liabilities with Covenants • Amendments to SFRS(I) 1-7 Statement of Cash Flows and SFRS(I) 7 Financial Instruments: Disclosures: Supplier Finance Arrangements • Amendments to SFRS(I) 16 Leases: Lease Liability in a Sale and Leaseback 256 ST ENGINEERING | ANNUAL REPORT 2024
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