Creative 2015 Annual Report Download - page 61

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61
CREATIVE TECHNOLOGY LTD AND ITS SUBSIDIARIES
35. LISTING OF SIGNIFICANT COMPANIES IN THE GROUP
Country of Proporon of
business / ownership
Name of companies Principal activities incorporation interest held
2015 2014
% %
Significant subsidiaries held by the Group
Creative Labs, Inc. (a) Distribution of digitised United States 100 100
sound and video boards, of America
computers, related
multimedia and personal
digital entertainment
products
Creative Labs (Ireland) Ltd (c) Distribution of digitised Republic of 100 100
sound and video boards, Ireland
computers, related
multimedia and personal
digital entertainment
products
QMax Pte Ltd Provision of data Singapore 100 100
and subsidiary companies (b) communications,
telecommunications,
wireless broadband and
related services
CTI Limited (a) Investment holding Bermuda 100 100
CTI II Limited (a) Investment holding Bermuda 100 100
(a) Not required to be audited under the laws of the country of incorporation
(b) Audited by PricewaterhouseCoopers LLP, Singapore
(c) Audited by PricewaterhouseCoopers, Dublin
All the Singapore-incorporated subsidiaries were audited by the Company’s auditor, PricewaterhouseCoopers LLP, Singapore.
For subsidiaries which appointed different auditors, the Audit Committee and Board of Directors are satised that the
appointment would not compromise the standard and effectiveness of the audit.
There are no signicant associated companies held by the Group.
inception to present changes in fair value in OCI not recycling. There is now a new expected credit losses model that replaces
the incurred loss impairment model used in FRS 39. The standard is effective for annual periods beginning on or after 1 January
2018. The Group is assessing the impact of the adoption of FRS 109.
FRS 115 Revenue from contracts with customers, deals with revenue recognition and establishes principles for reporting useful
information to users of nancial statements about the nature, amount, timing and uncertainty of revenue and cash ows arising
from an entity’s contracts with customers. Revenue is recognised when a customer obtains control of a good or service and
thus has the ability to direct the use and obtain the benets from the good or service. The standard replaces FRS 18 Revenue
and FRS 11 Construction contracts and related interpretations. The standard is effective for annual periods beginning on or after
1 January 2017. The Group is assessing the impact of the adoption of FRS 115.
34. AUTHORISATION OF FINANCIAL STATEMENTS
These nancial statements were authorised for issue in accordance with a resolution of the Board of Directors of CREATIVE
TECHNOLOGY LTD. on 18 September 2015.