Company: OTSA
Filing Date: 2025-05-23
Form Type: DRS/A
Source: 0001213900-25-047247
Chunk: 289

Company: OTSAW Ltd
Filing Date: 2025-05-23
Form: DRS/A
Chunk 289
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 terms of the lease and the asset leased. F-20 OTSAW LIMITED AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024 2.Summary of significant accounting policies (cont.) The lease payments included in the measurement of the lease liability comprise the following: •fixed payments, including in -substancefixed payments less any lease incentive receivable, •variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date, •amounts expected to be payable under a residual value guarantee, •the exercise price under a purchase option that the Group is reasonably certain to exercise, and •payments of penalties for terminating the lease if the Group is reasonably certain to terminate early and lease payments for an optional renewal period if the Group is reasonably certain to exercise an extension option. The lease liability is measured at amortised cost using the effective interest method. The Group remeasures the lease liability when there is a change in the lease term due to a change in assessment of whether it will exercise a termination or extension or purchase option or due to a change in future lease payment resulting from a change in an index or a rate used to determine those payment. Where there is a remeasurement of the lease liability, a corresponding adjustment is made to the right -of -useasset or in profit or loss where there is a further reduction in the measurement of the lease liability and the carrying amount of the right -of -useasset has been reduced to zero. 2.17 Government grants Government grants are recognised when there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Where the grant relates to an expense, the grant is recognised as income in profit or loss on a systematic basis over the periods in which the related costs, for which the grants are intended to compensate, is expensed. Where the grant relates to an asset, the grant is recognised as deferred capital grant on the statement of financial position and is amortised to profit or loss over the expected useful life of the relevant asset by equal annual instalment. Non -monetarygovernment grant is recognised at nominal amount. 2.18 Foreign currency transactions and translation The Company’s reporting currency is the U.S. dollar. The functional currencies of the Otsaw Group and its subsidiaries are their local currencies (Singapore dollar, U.S. dollar, Euro). The Company engages in foreign currency denominated