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NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2013
71 INDOFOOD AGRI RESOURCES LTD • ANNUAL REPORT 2013
1. CORPORATE INFORMATION
Indofood Agri Resources Ltd. (the "Company") is a public 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 is located at 8 Eu Tong Sen Street, #16-96/97 The Central, Singapore 059818.
The Group is a vertically-integrated agribusiness group, with its principal activities comprising research and development, oil palm
seed breeding, cultivation of oil palm plantations, production and refining of crude palm oil (“CPO”) and crude coconut oil (“CNO”),
cultivation of rubber and sugar cane plantations and marketing and selling these end products. The Group is also involved in
managing and cultivating small portions of cocoa, coconut and tea plantations, and marketing and selling the related products.
These activities are carried out through the Company's subsidiaries and associate companies in which the Company is an
investment holding company.
PT Indofood Sukses Makmur Tbk ("PT ISM"), incorporated in Indonesia, and First Pacific Company Limited, incorporated in
Hong Kong, are the penultimate and ultimate parent company of the Company, respectively. The immediate holding company is
Indofood Singapore Holdings Pte Ltd, incorporated in Singapore.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The consolidated financial statements of the Group and the balance sheet of the Company has been prepared in accordance
with Singapore Financial Reporting Standards ("FRS").
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 Indonesian Rupiah ("Rp") and all values are rounded to the nearest million (Rp million)
except when otherwise indicated.
2.2 Changes in accounting policies
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 that are effective for annual periods beginning on or after 1 January
2013. Except for the Revised FRS 19, the adoption of the other standards did not have any effect on the financial performance
or position of the Group and Company.
Accordingly to the transition provisions of FRS 113 Fair Value Measurement, FRS 113 has been applied prospectively by the
Group on 1 January 2013.
Revised FRS 19 Employee Benefits
On 1 January 2013, the Group adopted the Revised FRS 19 Employee Benefits.
For defined benefit plans, the Revised FRS 19 requires all actuarial gains and losses to be recognised in other comprehensive
income and unvested past service costs previously recognised over the average vesting period to be recognised immediately in
profit or loss when incurred.
Prior to adoption of the Revised FRS 19, the Group recognised actuarial gains and losses as income or expense when the net
cumulative unrecognised gains and losses for each individual plan at the end of the previous period exceeded 10% of the higher
of the defined benefit obligation and the fair value of the plan assets and recognised unvested past service costs as an expense
on a straight-line basis over the average vesting period until the benefits become vested. Upon adoption of the revised FRS 19,
the Group changed its accounting policy to recognise all actuarial gains and losses in other comprehensive income and all past
service costs in profit or loss in the period they occur.