Annual Report 2024 1 7 4 NOTES TO THE FINANCIAL STATEMENTS 1 GENERAL INFORMATION Rex International Holding Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 9 Raffles Place, #26-01 Republic Plaza, Singapore 048619. The principal activities of the Company are those relating to investment holding. The principal activities of its subsidiaries are set out in Note 7 to the financial statements. The consolidated financial statements of the Group and statement of financial position and statement of changes in equity of the Company for the year ended 31 December 2024 were authorised for issue by the Board of Directors on 14 March 2025. 1.1 Basis of preparation The financial statements have been prepared on the historical cost basis, except as disclosed in the material accounting policy information, and are drawn up in accordance with the provisions of the Companies Act 1967 and Singapore Financial Reporting Standards (International) (“SFRS(I)”). The financial statements are expressed in United States dollars (“US$”), which is the Company’s functional currency. 1.2 Adoption of new and revised Standards In the current year, the Group and the Company have applied all the new and revised SFRS(I) Accounting Standards that are mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. 1.3 Standards issued but not yet effective At the date of authorisation of these financial statements, a number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2024 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these financial statements. Management anticipates that the adoption of the new or revised SFRS(I)s in future periods will not have a material impact on the financial statements in the period of their initial adoption except for the following: SFRS(I) 18 Presentation and Disclosures in Financial Statements SFRS(I) 18 replaces SFRS(I) 1-1, carrying forward many of the requirements in SFRS(I) 1-1 unchanged and complementing them with new requirements. In addition, some SFRS(I) 1-1 paragraphs have been moved to SFRS(I) 1-8 and SFRS(I) 7. Furthermore, minor amendments to SFRS(I) 1-7 and SFRS(I) 1-33 have been made. SFRS(I) 18 introduces new requirements to: • present specified categories and defined subtotals in the statement of profit or loss; • provide disclosures on management-defined performance measures in the notes to the financial statements; • improve aggregation and disaggregation. An entity is required to apply SFRS(I) 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to SFRS(I) 1-7 and SFRS(I) 1-33, as well as the revised SFRS(I) 1-8 and SFRS(I) 7, become effective when an entity applies SFRS(I) 18. SFRS(I) 18 requires retrospective application with specific transition provisions.
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