ipos and its subsidiaries

Transcription

Intellectual Property Office of Singapore Annual Report
2014/2015
S. 25 of 2015
Presented to Parliament pursuant to Section 28 of the
Intellectual Property Office of Singapore Act.
Ordered by Parliament to lie upon the Table:
29 September 2015
2014/2015
ANNUAL REPORT
WHERE IDEAS
TAKE FLIGHT
Intellectual Property Office of Singapore
51 Bras Basah Road #01-01, Manulife Centre
Singapore 189554
www.ipos.gov.sg
www.facebook.com/iposg
2
Annual Report 2014/15
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CONTENTS
02
03
04
06
08
10
CHAIRMAN’S MESSAGE
12
CORPORATE PROFILE
13
ACCESSIBILITY BRINGING IP TO EVERYONE
21
INTEROPERABILITY BUILDING LINKAGES WITH PARTNERS
29
QUALITY ENSURING EXCELLENT STANDARDS
35
41
42
OUR PEOPLE
57
FINANCIAL STATEMENTS
CHIEF EXECUTIVE’S MESSAGE
ORGANISATION CHART
BOARD OF DIRECTORS
SENIOR MANAGEMENT
YEAR AT A GLANCE
STAFF AWARDS IN 2014
2013-2014 STATISTICS
AND INFOGRAPHICS
Where Ideas Take Flight
IPOS Annual Report 2014/2015
CHAIRMAN’S MESSAGE
IPOS will continue to strengthen our nation’s IP competencies, skills
and infrastructure, and ultimately, create high value-added jobs for our people.
2014 was a noteworthy year that saw many significant
accomplishments for IPOS. While Singapore maintains its
strong standing in the World Economic Forum’s Global
Competitiveness Report 2014-2015, and can boast of
having the best intellectual property (IP) protection in Asia
for the fourth consecutive year, new foundations have also
been laid this past year to bring about greater accessibility
to our IP system, deepen interoperability with key partners
and also improve the quality of IP filings for the future.
GLOBAL IP TRENDS
IP continues to be a key driver for the global economy.
In 2014, the IP5 offices1 received 2.3 million patent
applications, a growth of 5.5% from 20132.
To help businesses, entrepreneurs and innovators take
full advantage of the myriad of opportunities that are
presented by the global IP economy, Singapore became
the first ASEAN country to be appointed as an International
Searching Authority. This will facilitate patent protection
in over 140 countries through a single international
application. Fortified by the ISO 9001:2008 certification
of our Search and Examination Unit, I am pleased to say
that IPOS is well positioned to help creators and inventors
optimise their IP protection and effectively fast-track this
success into other countries.
SINGAPORE’S IP SECTOR
Singaporeans are quick to recognise the intrinsic value of
IP and the need for quality IP services. In 2014, a total
of 26,643 IP registrations were granted, representing
an increase of 32% from 2013. In the same year, trade
mark applications hit a record high of 40,540 filings. Our
Registry team’s development and implementation of a
single “one-stop” filing platform – IP2SG – is yet another
strong testament to our ongoing commitment to improve
our service offerings and the end-user IP-filing experience.
IP has and will continue to play a key role
in the development of Singapore’s
economy.
IP-intensive
industries
accounted for almost half of Singapore’s
GDP from 2011 to 2013, generating
1.3 million jobs and contributing to 42.5%
of total employment in Singapore. IPOS
CHIEF EXECUTIVE’S MESSAGE
Three key policy anchors – accessibility, interoperability and quality –
remained our guiding beacons as we stayed on course towards achieving
our vision to becoming an IP hub of Asia.
will continue to strengthen our nation’s IP competencies,
skills and infrastructure, and ultimately, create high valueadded jobs for our people.
2014 was a fruitful year. While we continued to deepen our
core competence in service delivery, efforts had begun to
internationalise our footprint.
AN IP ECOSYSTEM FOR EVERYONE
As we embarked on the journey to make IP more
accessible to the community, we were mindful that the
disadvantaged amongst us should not be forgotten.
In March 2015, Singapore became the first country in
Southeast Asia to accede to the Marrakesh Treaty, which
provides for the improvement of access to information
and copyright works for the visually impaired. At its core,
a strong but accessible IP system should be enjoyed by
each and every member of society.
Domestically, three key policy anchors – accessibility,
interoperability and quality – remained our guiding beacons
as we stayed on course towards achieving our vision to
becoming an IP hub of Asia.
CONFIDENCE FOR THE FUTURE
Personally, I am very proud of the significant progress that
IPOS has achieved thus far. IPOS’ achievements have
been made possible because of the dedication and sterling
leadership of the Chief Executive and his management
team, IPOS Board members, colleagues at IPOS, all our
partners and stakeholders in the IP ecosystem. I thank
you all. In 2016, I look forward to celebrating IPOS’
15th anniversary, which is a significant milestone for our
statutory board. Let us all continue
to strive towards greater heights of
success in realising the IP dream
for Singapore.
Internationally, Singapore chaired the ASEAN Working
Group for Intellectual Property Cooperation (AWGIPC),
and began to seek opportunities in emerging markets
such as China.
ENHANCING ACCESSIBILITY
Efforts to ensure accessibility to IP system in Singapore had
intensified. We continued our efforts to help businesses
and IP creators tap on the wellspring of international
opportunities. A new $100-million IP Financing Scheme
was launched to encourage the use of granted patent as
loan collateral for business growth.
On the community front, “IP 101”, IPOS’ one-stop IP
service
centre, was launched. A new series of IP
engagement campaign called
“Embracing IP” was introduced
to make IP knowledge,
networks
and
schemes
more accessible. Businesses,
innovators, professionals
DR STANLEY LAI
Chairman
MR TAN YIH SAN
Chief Executive
and the community could benefit from specially tailored
info-connect sessions that promote knowledge, use and
respect of IP for improving lives, as well as business and
economic growth.
DEEPENING INTEROPERABILITY
External linkages were deepened to help companies
internationalise. IPOS intensified efforts to establish
linkages with key partners to build strategic inroads for
IP creators and businesses to access overseas markets.
As Chair of the AWGIPC, we worked in close cooperation
with ASEAN states to strengthen our IP capabilities
and infrastructure. 2014 saw the fruition of the ASEAN
Patent Examination Co-operation (ASPEC) work-sharing
programme, established to reduce complexity and waiting
time for a patent to be granted. We also revamped ASEAN
IP Portal which provides access to IP information in the
region. Both initiatives would go a long way to serving 620
million people in ASEAN.
We also began to internationalise our IP services and
explore opportunities in emerging markets such as
China. New subsidiary companies – IPOS-International
(IPOS-I) and IP ValueLab – were established to further our
engagements into China and other regions.
ENSURING QUALITY
Quality IP products and services remained central to
our development. IPOS structured an IP professional
competency framework to strengthen our nation’s IP
manpower base and cater to the increasing demand
for IP services. Our training arm, IP Academy, continued
its efforts to collaborate with several institutes of higher
learning to develop und ergraduate and post-graduate IP
programmes. IPOS also worked with relevant industries
to introduce IP skills upgrading programmes and certify
professionals who had undergone such training. 2014
also saw the launch of the professional service scheme in
IPOS to groom our IP specialists as trade mark examiners,
patent examiners as well as legal counsels. We will do more
to better serve the IP industry and equip our professionals.
MOVING FORWARD
The future of IP continues to be promising. We are excited
to serve the creators and innovators to remake a better
Singapore with IP. A good year ahead.
The IP5 offices include the European Patent Office, Japan Patent
Office, Korean Intellectual Property Office, State Intellectual Property
Office of the People’s Republic of China, and the United States Patent
and Trademark Office.
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2
Source: http://www.fiveipoffices.org/statistics/2014keydata.pdf
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ORGANISATION CHART
AS OF 1 AUGUST 2015
Board of Directors
Chief Executive/Registrar
Strategic Planning &
Policy Department
Internal Audit
Department
Deputy Chief Executive
Group Director
Assistant Chief Executive
Registries & Legal
Cluster
Corporate Services
Group
Promotion Cluster
Customer Service &
Information Department
Finance Department
Communications &
Engagement Department
Legal Department
Human Capital Department
Enterprise Development
Department
Registries of Patents,
Designs & Plant Varieties
Information Technology
Department
International
Registry of Trade Marks
Patent Search &
Examination Unit
Hearings &
Mediation Group
Capability Development
Department
MEMBERS OF THE IPOS FAMILY
IP 101
IP Academy
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Capacity Building
Group
IPOS International
IP ValueLab
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BOARD OF DIRECTORS
AS OF 1 AUGUST 2015
01 Mr Keoy Soo Earn
Partner | Leader
Mergers & Acquisitions,
Singapore & Southeast Asia
and Valuation & Financial
Modelling, Southeast Asia
Deloitte & Touche LLP
02 Mr Poon Hong Yuen
Deputy Secretary
Ministry of Law
03 Dr Lim Kuo-Yi
Managing Director
Monk’s Hill Ventures
04 Ms Deborah Ho
Managing Director and
Head of Senior Relationship
Management for Southeast Asia
Barclays Bank
05 Mr Abhijit Ghosh
Partner, International Tax
PricewaterhouseCoopers
06 Mr Douglas Foo
Executive Chairman
Sakae Holdings
07 Mr Tan Min-Liang
CEO
Razer Inc.
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08 Mr Sim Feng-Ji
Director, Resource Division
Ministry of Trade and Industry
09 Mr Tan Yih San
Chief Executive
Intellectual Property Office of
Singapore
10 Ms Audrey Yap
Managing Partner
Yusarn Audrey
11 Dr Stanley Lai
Chairman
Intellectual Property Office of
Singapore
Partner and Head of IP Practice
Allen & Gledhill LLP
12 Mr Suresh Sachi
Deputy Managing Director
(Corporate & Legal) and
General Counsel
Agency for Science, Technology
and Research
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03
02
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04
11
05
12
07
06
08
09
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13 Prof Tsui Kai Chong
Provost
SIM University
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SENIOR MANAGEMENT
AS OF 1 AUGUST 2015
10 Dr Bernard Ong
Director
International Engagement
Department
11 Ms Christina Lim
Director
Communications and
12 Dr Leong Hoi Liong
Director
Registries of Patents, Designs
and Plant Varieties
13 Mrs Ang-Ong Bee Lian
Director
Customer Service and
Information Department
14 Mr Mark Lim
Director
Hearings & Mediation Group
15 Mr Woo Yew Chung
Group Director
Corporate Services Group
16 Mr Tan Yih San
Chief Executive
17 Ms Tan Mei Lin
Director
18 Mr Darren Chan
Director
Information Technology
Department
01 Ms Chiam Lu Lin
02
03
04
05
06
07
08
09
10
01
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15
16
17
18
19
11
Hearings & Mediation and
Capacity Building Group and
Executive Director
IP Academy
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20
02
Ms Michelle Tan
Director
IP ValueLab
03 Ms Joyce Tan
Head
Internal Audit Department
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04 Mr Dexter Teo
Acting Director
IPOS International
05 Dr Eric Gan
Director
Department
06 Mr Daren Tang
Registries and Legal Cluster
07 Mr Kok Kitt-Wai
Director
IP Academy
08 Mr Ng Kok Wan
Assistant Chief Executive
International Services and
Executive Director
IPOS International
09 Mr Chig Kam Tack
Director
IP 101
19 Ms Trina Ha
Acting Director
IP Academy
20 Ms Joan Koh
Director
Finance Department
Not in photo
Ms Sharmaine Wu
Acting Director
Enterprise Development
Department
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YEAR AT A GLANCE
(April 2014 – March 2015)
LOCAL
February 2015
July 2014
Launch of
Embracing IP @
IP 101 Programme
Enhancement to
Plant Varieties
Protection Act
April 2014
Opening of IPOS’
Customer Service
Centre – IP 101
August 2014
March 2015
Launch of
$100-million
IP Financing
Scheme
Findings of IP
Manpower Survey
Opening of
IP Week @ SG
December 2014
Adoption of IPOS’
IP Competency
Framework by
LawSoc, ASPA
and IES3
April – June
2014
July – September
2014
June 2014
July 2014
Organisation of
inaugural ‘Best
Practices for Patent
Drafting in ASEAN’
Workshop
Continuation of
WIPO Summer
School
INTERNATIONAL
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Launch of
One-Stop
e-Portal for IP
Registration –
IP2SG
Launch of IPOS’
New Subsidiary –
IP ValueLab
October – December
2014
Commencement
of 44th ASEAN
Working Group
on IP Cooperation
meeting
January – March
2015
March 2015
October 2014
September 2014
Launch of IP
Legal Clinic
Signing of
MoU with SIPO
to further IP
collaborations
November 2014
Appointment
as International
Authority in
Patent Search
and Examination
Acceptance into
the Global Patent
Prosecution
Highway network
Signing of Patent
Prosecution
Highway pilot
programme with
European Patent
Office
ISO Certification
for Quality
Management
System
Recognition of
First Singapore
Patent in
Cambodia
Accession to the
Marrakesh Treaty
LawSoc: The Law Society of Singapore
ASPA : Association of Singapore Patent Attorneys
IES
: The Institution of Engineers, Singapore
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CORPORATE PROFILE
OUR MISSION
To provide the infrastructure, build
expertise and grow the ecosystem in
support of the greater creation, protection
and exploitation of IP
ACCESSIBILITY BRINGING IP TO EVERYONE
OUR VISION
An IP hub of Asia
OUR CORPORATE PURPOSE
A trusted partner to empower creators of
our knowledge economy
OUR CORE VALUES
Integrity
Professionalism
Teamwork
People-focused
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ACCESSIBILITY
More than
Developing and promoting IP programmes and initiatives
to help businesses and entrepreneurs grow and build a
competitive advantage, locally and beyond.
Singapore’s annual international IP
conference - IP Week @ SG - enjoyed
a successful third run in 2014,
drawing over 1,000 participants from
more than 30 countries.
Centre, the event saw C-suite
executives, business heads and IP
thought leaders network and share
insights on how businesses and
entrepreneurs could capitalise on the
vast richness of the IP ecosystem,
to gain a competitive advantage in
today’s global markets.
Held in August at the Marina Bay
Sands Expo and Convention
One of the highlights of the event was
the 2nd IP Management for C-Suite
BUILDING A COMPETITIVE
ADVANTAGE AT IP WEEK @ SG
1,000
30
delegates from
over
(IPMCS) conference. Distinguished
speakers at the event included
Dr Francis Gurry, Director General
of the World Intellectual Property
Organization, and Hitoshi Ito,
Commissioner of the Japan Patent
Office.
countries
attended
IP Week @
SG 2014
The event also witnessed the
unveiling of IPOS’ brand new
subsidiary, IP ValueLab. This is an
Gathering of business and IP leaders at Asia’s premier IP event - IP Week @ SG 2014.
enterprise engagement arm that aims to help businesses unlock the value
of their IP through collaborations with global and local business partners for
provision of solutions in IP management, valuation and monetisation.
To deliver its goals, IP ValueLab partnered Singapore Accountancy Commission
to develop and promote IP valuation guidelines, methodologies and best
practices, as well as develop curriculum for the training of IP valuers.
IP Week @ SG is an excellent opportunity for
IP professionals and business leaders from around the
world to network and share views on the competitive
advantages achieved through IP.
Dr Francis Gurry, Director General
World Intellectual Property Organization
Guest-of-Honour, Mr K Shanmugam, Minister for Foreign Affairs and Law, together with Dr Francis Gurry, Director General of WIPO and CE of IPOS at the
opening of IP Week @ SG 2014.
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ACCESSIBILITY
IP FINANCING SCHEME FOR
BUSINESS GROWTH
In April 2014, Ms Indranee Rajah,
Senior Minister of State for Law and
Education, announced a S$100 million
IP Financing Scheme that will enable
local businesses to use their granted
patents as collaterals for bank loans.
Targeted at IP-rich and asset-light
companies in the technology sector,
the scheme aims to open a new
avenue for innovative companies
to access capital for growth and
expansion.
Eligible
companies
must
be
incorporated in Singapore and
possess granted patents to serve
as collaterals. Three financial
institutions – DBS, OCBC and UOB
– had partnered IPOS to help local
enterprises grow by unlocking the
value of their IP. Companies could
apply through any of these banks
for referral to seek the necessary
valuation for their IP. Such loans
are risk-shared with the Singapore
Government.
The scheme reaffirmed IPOS’
commitment to tailor programmes
and initiatives for businesses to grow,
expand and gain a competitive edge
in the global markets.
EXPANDING IP OUTREACH TO BUSINESSES AND THE COMMUNITY
Embracing IP @ IP 101 is a community outreach programme by IPOS which
seeks to make IP knowledge, networks and schemes accessible to all. It focuses
on encouraging businesses, innovators, professionals and the community to
respect, protect and use IP to improve the quality of lives, as well as to spur
business and economic growth.
As part of the programme, the IP Business Clinic and IP Legal Clinic were
launched in April 2014 and March 2015 respectively. The IP Business Clinic
provides businesses and individuals with access to professional advice from
qualified practitioners on IP business strategies, including IP monetisation and
commercialisation, and the protection of IP overseas.
More than
100
enterprises and
individuals had
benefitted from
the IP Business
and IP Legal
Clinics
The IP Legal Clinic provides access to a panel of law firms for legal advice on
IP disputes. This complimentary service is designed to help businesses and
individuals understand remedy and enforcement options, as well as the viability
of commencing proceedings and possible strategies to adopt in dispute cases.
Feedback from the sessions has been positive to date, and IPOS aspires to
deliver more of such programmes to better serve the needs of businesses and
the community.
The signing of a Memorandum of Understanding in partnership of the IP Financing Scheme between IPOS and participating financial institutions in
Singapore.
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A participant receiving advice on IP business strategies at an IP Business Clinic.
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ACCESSIBILITY
INTRODUCING IPOS’
INTEGRATED E-FILING
PLATFORM - IP2SG
PROMOTING IP KNOWLEDGE AMONGST YOUTHS AND THE
COMMUNITY
Under the ambit of the Embracing IP @ IP 101 programme, Project IP Partners
(PIPP) is a key public outreach effort by IPOS aimed at gathering established
local IP creators from the creative industry to share their creation journeys and
IP experiences with youths and the community. In 2015, the project kicked off
with the genre of animation that saw more than 120 aspiring animators gather
at IPOS’ customer service centre to learn from Tiny Island Productions - an
award-winning local animation company. This was followed by a discussion led
by a legal expert on how animators could capitalise their IP and protect their
works from being exploited by others.
IP2SG is an integrated, one-stop
online platform for IP e-filing,
searches and transactions. It allows
applicants and businesses to file
their patent, trade mark and design
applications online in a cost and time
efficient manner.
The project was a collaboration
among the Registries & Legal
Cluster, the Information Technology
Department and the Hearings &
Mediation Group at IPOS. The strong
internal collaboration facilitated the
successful integration of Trade Mark,
Design and Hearing & Mediation
forms and workflow into the system
within a year.
IP2SG attests to IPOS’ commitment
to deliver better services to our users
in IP filing and protection.
To guide users, IPOS made available
video tutorials on YouTube that offer
simple step-by-step instructions on
how to file IP applications online.
More than
1,000
members of
the public had
benefitted from
Embracing IP @
IP 101
PIPP has been received favourably since its launch. Familiar faces at subsequent
sessions signalled the fact that IPOS is on the right track in bringing IP closer
to the public.
The IPOS team working hard to ensure a smooth system migration.
Educational institutions are encouraged to use recordings of these sessions as
part of their IP coaching to students. These resources are available on IPOS’
YouTube.
With the enhanced IP2SG system, I am now able to
apply for IP registration and protection, do
complex searches and correspond with IPOS – all at
my convenience. The improved user interface and
upgraded capabilities enable me to be
more responsive to the needs of my firm’s clients,
and deliver more robust services to them.
Ooi Siew Ting, Patent Agent at Horizon IP
Students trying their hands on a new game at a PIPP session on game development.
All smiles from the project team at the successful launch of Phase II of IP SG in December 2014.
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David Kwok, founder and CEO of Tiny Island Productions, sharing his IP journey at a PIPP
session on animation.
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ACCESSIBILITY
INTEROPERABILITY -
CELEBRATING WORLD IP DAY 2014
In April every year, IPOS joins more than 100 nations
across the world to celebrate World IP Day (WIPD) in
honour of creators and their creations.
For WIPD 2014, Singapore organised a day of festivities
that promoted IP awareness in their various guises, such
as film, music and design. More than 3,000 members of
the public gathered to show their support and respect for
IP. Well-known local fashion designer, Jo Soh, and director/
actress, Michelle Chong, were appointed Singapore’s IP
Ambassadors 2014.
The nation’s first crowdsourced song was also unveiled
at the event by YouTube sensation, Jason Chen. Over
800 members of the local community contributed to the
BUILDING LINKAGES WITH PARTNERS
The Sam Willows performing at the concert of World IP Day 2014.
making of the song entitled, “I Got You”, as they pledged
to respect IP as a way of life.
In conjunction with Singapore’s accession to the Marrakesh
Treaty – aimed at facilitating access to copyrighted works
for the visually-impaired – IPOS also collaborated with
the Singapore Association of the Visually Handicapped
(SAVH) to lend support to the cause.
The event culminated in an electrifying concert by local
artistes Taufik Batisah, Jack and Rai, MICappella and The
Sam Willows, who partnered IPOS to rally support for
local IP creators and their original works.
Learning to respect IP at a young age.
WIPD has and will always be IPOS’ anchor public outreach
event. Inspired by this year’s success, the community can
look forward to more memorable and exciting events in
the future.
Partnering with IPOS are members of the public and local IP creators to celebrate all things creative and original.
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INTEROPERABILITY
Establishing linkages with key partners to build strategic
inroads for IP creators and businesses to tap on the
wellspring of international opportunities.
GAINING ACCESS TO ASEAN
MARKETS AND BEYOND FOR
BUSINESS GROWTH
The ASEAN Working Group on
Intellectual Property Cooperation
(AWGIPC) is a strategic platform
for ASEAN IP chiefs to discuss
and progress IP developments
in the region. In a bid to deepen
this cooperation, ASEAN Patent
Examination Co-operation (ASPEC) –
the first regional patent work-sharing
programme among nine ASEAN
members – was launched in June
2009.
Since then, the ASPEC programme
saw progress with all requests being
acted on within six months of filing.
The strong collaborative relationships
among the ASEAN IP offices enabled
examiners to access and use each
other’s reports for similar patent
applications, thereby granting patent
applicants faster access to ASEAN
markets.
ENJOYING ACCELERATED PATENT PROTECTION IN KEY MARKETS
In November 2014, IPOS joined a host of IP offices as part of the Global Patent
Prosecution Highway (GPPH) network, increasing Singapore’s current PPH
arrangements from five to 20 offices.
The GPPH network allows IP offices across the world to share search and
examination results, providing businesses with the option of accelerating their
patent applications in those territories, based on the results of a corresponding
Singapore patent application.
Singapore had
establised PPHs
with
30
countries
In January 2015, Singapore became one of only four non-IP5 offices to establish
a PPH with the European Patent Office. The cumulative number of countries
which Singapore had established PPHs with was 30, inclusive of China, the
European Union, Japan, the United States of America, and countries under the
ASEAN Patent Examination Cooperation programme. This makes Singapore
the second most interconnected patent office in the world, after the United
States of America.
CE of IPOS and former Director General of the National Office of Intellectual Property of Vietnam,
Mr Ta Quang Minh, at the signing of a Memorandum of Understanding to signal enhanced
cooperation between the two IP offices.
Growing IP for the region, by the region - ASEAN Working Group on IP Cooperation.
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INTEROPERABILITY
EASING PATENT REGISTRATION IN CAMBODIA
A Memorandum of Understanding (MoU) between IPOS and Cambodia’s
Ministry of Industry and Handicraft was signed in January 2015 to further boost
the accessibility of IP protection between the two countries. Two months later,
the first Singapore patent was granted protection and recognised in Cambodia.
This constituted part of IPOS’ wider efforts to facilitate the process of obtaining
IP protection in the region.
1st
Singapore patent
recognised in
Cambodia in 2015
Earlier, IPOS signed a series of bilateral agreements with the European Patent
Office, the German Patent and Trade Mark Office and the Russian Federal
Service for Intellectual Property, to enhance patent connectivity. These
agreements are set to open up more growth and expansion opportunities for
businesses and entrepreneurs seeking to venture into Europe, Germany and
Russia.
Deputy Prime Minister and Coordinating Minister for National Security and Minister for Home Affairs, Mr Teo Chee Hean, and China’s Vice Premier,
Zhang Gaoli, witnessing the signing of a Memorandum of Understanding by CE of IPOS and Commissioner of SIPO, Dr Shen Changyu.
FOSTERING BILATERAL
RELATIONSHIPS WITH KEY
ECONOMIC PARTNERS
IPOS and the State Intellectual
Property Office of China (SIPO) signed
a Memorandum of Understanding
(MoU) at the side-lines of the 11th
Singapore-China
Joint
Council
for Bilateral Cooperation (JCBC)
meeting in October 2014. This would
24
enhance IP cooperation between the
two countries.
Under the agreement, the SSGKC is
envisioned to be a model zone for IP
cooperation between Singapore and
China. This added to previous plans
between IPOS International (IPOS-l)
and other stakeholders to develop
activities that would help companies
in SSGKC commercialise and
develop their IPs, undertake capacity
building and training, as well as host
study visits and exchanges.
To meet the needs of both Singapore
and Chinese companies, IPOS,
alongside with SIPO and the
Guangdong
Provincial
People’s
Government, established an IPOS-I
representative office within SSGKC
to offer IP services and trainings.
Cambodia’s Senior Minister for Industry and Handicraft, Dr Cham Prasidh, and CE of IPOS at the
signing of a Memorandum of Understanding between the two IP offices.
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INTEROPERABILITY
DEVELOPING COMMON IP
GUIDELINES ACROSS ASEAN
DESIGNING TRAINING PROGRAMMES FOR AN INTERNATIONAL
COMMUNITY
Over
Common
guidelines
for
the
substantive examination of trade
marks in ASEAN countries were
developed as part of the EUASEAN Project on the Protection of
Intellectual Property Rights (ECAP III
Phase II).
Over the past year, the training arm of IPOS, IP Academy, focussed on
developing and delivering a wide range of customised IP training programmes
and training initiatives for participants from all over the world.
million
trade marks in
ASEAN countries
are available on
TMview
These common guidelines took into
account the legislation, regulations,
practices
and
administrative
decisions of ASEAN countries, and
harmonised IP standards for the
protection and administration of IP
rights in the region.
The guidelines would facilitate
information flow within the region’s
IP
knowledge
network
and
enable stakeholders to access
relevant
information
such
as
notices and procedures on the
ASEAN Patent Examination Co-
These included the WIPO Singapore Summer School that provided an
opportunity for senior students and young professionals to acquire deeper
knowledge of IP, gain an appreciation of IP as a tool for economic, social,
cultural and technological development, and understand the role WIPO plays
in the global administration of IP.
2.2
More than
3,000
Examiners sharing insights on how patent laws and practices work in their countries.
operation (ASPEC). When completed,
these guidelines will be accessible
from the ASEAN IP Portal.
Aside from the common guidelines,
another major initiative launched in
August 2014 was ASEAN TMview,
participants had
benefitted from
which offers free and easy access
to ASEAN trade mark data. The
database included over 2.2 million
trade
mark
applications
and
registrations of participating ASEAN
countries, including Singapore.
79
training
programmes
conducted by IPA
Senior government officials from the Guangzhou Development District of China at a customised IP
training programme organised by IP Academy.
Sharing knowledge and expertise at IPOS were patent examiners from various ASEAN member states.
26
Participants from all over the world had benefitted from the in-depth training courses provided by
IP Academy.
27
INTEROPERABILITY
Here are what some of the participants of IPA courses had to say:
This is an intensive and broad-based training programme
that has deepened my understanding and appreciation of IP
issues. I value the practical insights gained from the open
discussions and informative sharing by the IP experts.
QUALITY -
ENSURING EXCELLENT STANDARDS
Tang Ping, Director
General Office, Guangzhou Development District Organisation Department, China
- A participant of the Promotion of Utilisation of Intellectual Property Information programme
The programme covered fundamental aspects of
IP and issues on IP protection and commercialisation. It
also included real life case studies which added to my
understanding and appreciation of prevailing IP issues.
Paul Tiebot, PhD Candidate
Ghent University, Belgium
- A participant of the WIPO Singapore Summer School 2014
28
29
QUALITY
Ensuring a quality IP regime through global benchmarking
and developing a professional workforce that supports
innovation and creativity.
ATTAINING ISO CERTIFICATION AS A MARK OF QUALITY
In November 2014, IPOS’ Search and Examination Unit was awarded the
internationally recognised ISO 9001:2008 certification for Quality Management
System. The achievement of this award attested to the high standards and
quality IPOS upholds.
Beyond the certification, IPOS initiated study trips to overseas IP offices to build
up knowledge of search techniques and databases, as well as understand
each other’s patent processes and examination practices. These visits allowed
patent examiners from the region to exchange best practices and knowledge
in the field of patent search and examination.
ISO
9001:2008
certification
for Quality
Management
System
60
IPOS became the first IP office in ASEAN to be appointed an International Authority in Patent Search and Examination in 2014.
ACHIEVING INTERNATIONAL
PATENT SEARCH AND
EXAMINATION AUTHORITY
STATUS
It was a historic milestone for
Singapore as IPOS became the
first IP office in ASEAN to be
appointed an International Authority
in Patent Search and Examination.
This appointment was announced
by the Assembly of the Patent
Cooperation Treaty (PCT) Union
during the 54th World Intellectual
Property
Organization
(WIPO)
Assemblies in September 2014.
30
The PCT is an international patent
filing system administered by WIPO.
It assists businesses and inventors
to seek patent protection amongst
148 countries through a single
international
patent
application.
The search and examination of PCT
applications can only be conducted
by appointed International Authorities
known as International Searching
Authority (ISA) and International
Preliminary Examining Authority
(IPEA).
With
Singapore’s
businesses
and
appointment,
innovators,
Achieving ISO 9001:2008 certification standards to better serve businesses and IP creators.
days for
patent applications
first filed at IPOS
particularly in Asia, would have
increased use of the PCT system to
access other markets. They would
also enjoy greater time and cost
savings.
The ability to do PCT search and
examination adds to the suite of
IP services which IPOS offers to
innovators and businesses, bringing
more IP related work to Singapore
and strengthening the nation’s
proposition as an IP hub of Asia. It is
hoped that this would also engender
more innovative activities and high
value-added jobs in Singapore.
Gleaning knowledge from a Japan Patent Office study trip.
ACCELERATING PATENT FIRST FILING
In April 2014, IPOS’ Search and Examination Unit achieved the goal of providing
the first search and examination report in about 60 days for patent applications
first filed at IPOS – a significant reduction in time taken compared to an
average of 12 months in the past. With the accelerated service, businesses
and innovators may now benefit from having a swift assessment on the merits
of their inventions, and advance their business interests early to compete in the
global markets.
31
QUALITY
UPSKILLING OUR
PROFESSIONALS WITH QUALITY
TRAINING PROGRAMMES
IP Academy, a subsidiary of IPOS,
is dedicated to the broadening and
deepening of Singapore’s knowledge
and capabilities in IP protection,
exploitation and management. Last
year, IPOS developed seven highlevel training programmes that
complied with the IP Competency
Framework (IPCF) and the Singapore
Workforce Skills Qualifications (WSQ)
national credentialing system, with
four more pending accreditation.
These included the IPCF-accredited
courses Review Risk Management in
IP, Review Audit of Intellectual Assets,
and the WSQ-accredited course,
Monitor and Maintain IP Processes.
IPA collaborated with the Singapore
Business Advisors and Consultants
Council and implemented IPCF- and
WSQ- accredited IP management
courses for business consultants.
These accredited courses support
Singapore’s efforts to professionalise
the IP ecosystem, allowing IP
professionals to enhance their
capabilities and deliver high level of
service standards to businesses and
IP creators.
PLEDGING EXPEDITED SERVICE FOR IP REGISTRATION
In August 2014, IPOS launched a Performance Pledge as part of an ongoing
effort to deliver quality IP services for businesses and innovators. From the time
an application is filed, the registry team commits to issue a patent grant, trade
mark and design registration within 12, nine and four months respectively*. The
expedited service is aimed at helping applicants gain a competitive advantage
through time and cost efficiencies, when venturing into global markets. Details
of the Performance Pledge for IP registration are accessible via the Corporate
Dashboard page on IPOS’ corporate website. The improved transparency and
IP registration processes for users are testament to IPOS’ dedication towards
higher level of customer satisfaction and service excellence.
REVIEWING THE TRADE MARKS DISPUTE RESOLUTION REGIME
Student engagement at IPA training sessions for quality learning.
In March 2014, IPOS embarked on a review of the Trade Marks Dispute
Resolution Regime. A broad spectrum of stakeholders comprised of the
Supreme Court, international and national trade mark filers, Singaporean
companies from the top local filers, IP professional bodies, law firms and
trade mark academics, were consulted on a variety of topics. These included
evidence, procedure and mediation (under IPOS’ collaboration with WIPO
Arbitration and Mediation Center). In addition, IPOS benchmarked our current
dispute resolution practices against those of other leading IP offices to identify
best practices.
Performance
Pledge to
expedite IP
registration:
Patent
12
months
Trade
mark
9
months
Design
4
months
These consultations and research were distilled into a set of recommendations
for implementation that was subsequently announced in November 2014.
Parties involved in trade mark disputes can now look forward to positive
changes, including the clarification and simplification of our procedures, for an
enhanced dispute resolution experience.
Highly qualified speakers and wide-ranging courses were conducted by IPA to broaden the IP knowledge of participants.
*Subject to objections and irregularities in the application process
32
33
QUALITY
ENHANCING PLANT VARIETIES
PROTECTION
In July 2014, Singapore became
the first ASEAN country to extend
the Plant Varieties Protection Act to
cover all plant genera and species.
The enhanced regime would allow
plant breeders, importers and
exporters in the fruits, vegetables and
plants trade to take their horticulture
business further, as well as spur
research and development in new
plant varieties.
VALUE-ADDING TO OUR PEOPLE
For the year in review, strong
emphasis was placed on the
continual training and upgrading
of our officers. IPOS provided
opportunities to keep officers abreast
of the latest IP developments through
structured training programmes.
This ensures that our officers are
equipped with the necessary skillsets
and knowledge to assist customers
with their IP needs, and be a trusted
partner of all creators.
OUR PEOPLE
IPOS officers after a week of networking and learning at Asia’s premier IP event - IP Week @ SG 2014.
34
35
OUR PEOPLE
STAFF AWARDS IN 2014
LONG SERVICE AWARDS
5 Years Long Service Award
Recipients
Recipients
Recipient
Dr Eric Gan
Capability Development Department
Ms Erlina Bte Adam
Mr Tan Yih San
Chief Executive Office
Mr Ng Kok Wan
Patent Search & Examination Unit
Ms Sharon Heng
Finance Department
Ms Nurhidayah Binte Rosli
Registry of Patents
Ms Linda Bernadatte d/o A
Mitchell
Registry of Patents
Mr Desmond Tan
Strategic Planning & Policy
Department
Recipients
Mr Francis Chew
Customer Service & Information
Department
Ms Angelia Chia
Communications & Engagement
Department
Mr Adrian Chiew
Legal Department
Mr Ken Chin
Mr Edmund Tay
Customer Service & Information
Department
Ms Nur’Abidah Binti Cholan
Enterprise Development Department
OUR PEOPLE - OUR GREATEST
ASSET
At IPOS, we aim to be a vibrant
and dynamic organisation that
embraces integrity, performance,
professionalism and teamwork. We
create an environment that promotes
the growth and development of
our people, one that enables every
individual to reach their fullest
potential. We aspire towards
making IPOS a great place to work,
strengthened through regular staff
events and social activities. These
are key tenets that motivate and build
our organisation, as we continue our
journey towards becoming an IP hub
of Asia.
Recipient
Ms Rahimah Binti Maarof
IP 101
Ms Nurhadiana Bte Mohd Rahim
IP 101
Ms Siti Hajar Bte Suaime
Ms Sitizawiah Bte Masnoor
Recipients
Ms Diana Lim
Registry of Patents
Ms Normala Bte Jasmani
Ms Nur ‘Azah Binti Hassan
Mr John Tan
Registry of Patents
Mr Daren Tang
Registries and Legal Cluster
MinLaw Star Service and
PS21 Star Service Awards
2015
National Day Awards 2015
Mr Nae Win Aung
Enterprise Development Department
Ms Isabelle Tan
International Engagement
Department
36
National Day Commendation
Medal
National Day Efficiency Medal
Ms Parameswari d/o Ramalingam
IP 101
National Day Long Service Medal
Ms Norlela Binti Nasir
Extensively-trained patent examiners who are experts at conducting comprehensive searches on patent, non-patent and other databases.
37
OUR PEOPLE
TRAINING AND DEVELOPMENT
Organisational alignment on work goals at townhall sessions.
EMPLOYEE ENGAGEMENT
Broadening our people’s experiences and learning through exchange
programmes with overseas IP offices.
Senior Management “walking the talk” – leadership in action at work and play.
Reflecting on the late Minister Mentor Lee Kuan Yew’s contributions to Singapore.
Equipping our people with IP knowledge and skillsets through regular training sessions.
38
Strengthening unity and building camaraderie through internal events.
Embracing diversity through the appreciation of different cultures.
39
OUR PEOPLE
WORK-LIFE BALANCE
My job requires me to keep abreast of the latest IP
developments in the region so that I remain relevant to
serve the needs of fellow Singaporeans.
Mr Fu Zhikang
Assistant Director
Registry of Patents
Fostering social cohesion through team-building events.
Towards a vibrant and dynamic work culture!
I am glad to be in IPOS where our management is
supportive of grooming and developing us to our fullest
potential.
Ms Siti Hajar Bte Suaime
Executive
Encouraging good work-life balance through scheduled health activities.
40
41
TRADE MARKS
385,146
Singapore’s Trade Mark Landscape in 2014
STATISTICS
2013-2014
TOP 10
COUNTRIES
Singapore
9103
United States
of America
TOP 5
APPLICANTS
Local
89
100
76
80
60
40
20
0
MOHAMED
MUSTAFA &
SAMSUDDIN
CO. PTE LTD
6063
Japan
3217
Germany
2319
United
Kingdom
1928
71
INTERNATIONAL
ENTERPRISE
SINGAPORE
BOARD
1755
STARHUB LTD
FULLSHARE
GROUP PTE. LTD.
45
SINGAPORE
SPORTS
COUNCIL
285
300
250
200
150
135
50
0
ALIBABA GROUP
HOLDING
LIMITED KY
AEON KABUSHIKI
KAISHA (also
Trading as AEON
Co. Ltd.) JP
104
105
100
ABBOTT
LABORATORIES
US
SOCIETE
NATIONALE DES
CHEMINS DE
FER FRANCAIS
SNCF FR
97
WIKIMEDIA
FOUNDATION,
INC. US
TOP 5
CLASSES
Local
Global
Advertising; business
management; business
administration; office functions
Switzerland
63
Global
2110
China
Registrations
in force
1096
Scientific, nautical, surveying,
photographic, cinematographic etc
4031
Services for providing
food and drink; temporary
accommodation
Advertising; business
management; business
administration; office functions
792
3473
Education; providing of
training; entertainment;
sporting and cultural activities
Scientific and technological
services and research and design
relating thereto etc
France
1734
Australia
1039
Italy
1123
42
756
2293
Scientific, nautical,
surveying, photographic,
cinematographic etc
Education; providing of training;
entertainment; sporting and
cultural activities
664
2223
Scientific and technological
services and research and
design relating thereto etc
Pharmaceutical and veterinary
preparations etc
490
2176
43
PATENTS
47,422
Singapore’s Patent Landscape in 2014
TOP 10
COUNTRIES
United States
of America
3645
Japan
1424
100
50
0
550
Singapore
776
69
NANYANG
TECHNOLOGICAL
UNIVERSITY
543
127
120
100
50
AGENCY FOR
SCIENCE,
TECHNOLOGY AND
RESEARCH SG
NANYANG
TECHNOLOGICAL
UNIVERSITY SG
UNITED
TECHNOLOGIES
CORPORATION
US
TOP 5
106
106
88
CHEMISTRY;
METALLURGY
LAM RESEARCH
CORPORATION
US
JOHNSON &
JOHNSON
VISION CARE,
INC US
45
50
0
ASPIAL-LEE HWA
JEWELLERY
SINGAPORE PTE
LTD
SK JEWELLERY
PTE LTD
37
WOHA
ARCHITECTS
PTE LTD
SKJ GROUP
PTE LTD
20
STAR
FURNITURE
PTE LTD
Global
250
208
200
85
100
0
ASPIAL-LEE HWA
JEWELLERY
SINGAPORE PTE
LTD SG
SK JEWELLERY
PTE LTD SG
41
45
50
45
38
CLASSES
WOHA
ARCHITECTS
PTE LTD SG
SKJ
ELECTRONICS
CO LTD KR
37
SJK GROUP
PTE LTD SG
32.4%
Local
Global
Articles of adornment
Recording, communication or
information retrieval equipment
507
Furnishing
78
442
Fluid distribution equipment,
sanitary heating, ventilation and
air-conditioning equipment, solid fuel
Packages and containers for the
transport or handling of goods
23.6%
27
36
20.7%
France
PHYSICSY
CLASSES
Hong Kong
SAR
Brazil
PERFORMING
OPERATIONS;
TRANSPORTING
TOP 5
407
30
ELECTRICITY
Japan
United
Kingdom
327
44
85
China
China
169
SINGAPORE
HEALTH
SERVICES PTE
LTD
Republic of
Korea
HUMAN
NECESSITIES
Australia
150
150
353
171
STATS CHIPPAC
LTD
300
250
200
0
208
200
240
335
356
Netherlands
29
United States
of America
193
United
Kingdom
France
NATIONAL
UNIVERSITY OF
SINGAPORE
29
Global
150
Germany
250
100
127
AGENCY FOR
SCIENCE,
TECHNOLOGY
AND RESEARCH
APPLICANTS
Local
300
250
200
150
Registrations
in force
TOP 5
COUNTRIES
335
350
350
Switzerland
TOP 10
APPLICANTS
Local
14,587
Singapore’s Industrial Design Landscape in 2014
Registrations
in force
TOP 5
Singapore
1303
INDUSTRIAL DESIGNS
18.7%
18.6%
25
Switzerland
20
Recording, communication or
information retrieval equipment
31
Packages and containers for the
transport or handling of goods
27
147
Fluid distribution equipment, sanitary
heating, ventilation and air-conditioning
equipment, solid fuel
120
Furnishing
113
45
STATISTICS 2013 - 2014
Applications and Registrations
International applications filed through Singapore
Trade Marks
Total (Applications)
Local
Foreign
National
Applications filed under Madrid Protocol
Total (Class)
Local
Foreign
National
Applications filed under Madrid Protocol
Patents
Local
Foreign
National
PCT applications entering National Phase
Industrial Designs
Local
Foreign
Trade Mark international applications filed through
Singapore as the office of origin
PCT international applications filed through Singapore
as the receiving office
Industrial Design international applications filed
through Singapore
ApplicationsRegistrations
20132014
2013 2014
21,245
21,856
12,920
19,430
4,8095,635
2,835 4,573
16,43616,221
10,085 14,857
12,38112,960
8,274 11,858
8,864
8,896
4,646
7,572
39,671
40,540
22,110
34,321
7,5799,086
4,351 7,238
32,09231,454
17,759 27,083
20,87222,090
13,251 19,499
18,799
18,450
8,859
14,822
9,72210,312
5,575 5,538
1,1431,303
393 402
8,5799,009
5,182 5,136
3,1653,189
1,428 1,602
6,557
7,123
4,147
3,936
1,6811,629
1,675 1,675
718776
683 716
963853
992 959
Note: Local includes all applications with at least one local applicant.
Industrial Design international registrations resulting from international
applications designating Singapore under the Geneva Act of the Hague
Agreement
Registrations*
Designs contained in Registrations
20132014
221
476
564
632
1
1
Registrations in force in Singapore1
Trade Marks
Patents
Industrial Designs
20132014
336,879
385,146
46,60347,422
12,823
14,587
Renewals filed in Singapore
Trade Marks
Patents
Industrial Designs
20132014
16,798
17,974
44,46944,082
1,207
942
20132014
712676
2,639
2,656
Source: WIPO Statistics Database
*A single registration may contain up to 100 designs
2014: Data extracted in May 2015
Patent registrations in force do not include patents pending restoration.
1
46
47
Top 10 filers of applications in Singapore in 2014
Applications and Registrations in 2014 according to country of applicant
Rank Overall Filers
Number Local Filers
Number
Trade Marks
1
ALIBABA GROUP HOLDING LIMITED KY
285
SINGAPORE SPORTS COUNCIL
89
2
AEON KABUSHIKI KAISHA FULLSHARE GROUP PTE. LTD.
76
(ALSO TRADING AS AEON CO. LTD.) JP135
3
ABBOTT LABORATORIES US
105
STARHUB LTD
71
4
SOCIETE NATIONALE DES CHEMINS INTERNATIONAL ENTERPRISE DE FER FRANCAIS SNCF FR
104
SINGAPORE BOARD
63
5
WIKIMEDIA FOUNDATION, INC. US
97
MOHAMED MUSTAFA & SAMSUDDIN
CO. PTE LTD
45
6
NOVARTIS AG CH
89
WORLD GLOBAL ASSETS PTE. LTD.
40
7
SINGAPORE SPORTS COUNCIL SG
89
LEONIAN SINGAPORE PTE. LTD.
39
8
APPLE INC. US
88
POLLUX HOSPITALITY PTE. LTD.
36
9
KING.COM LIMITED MT
88
SINGAPORE EXCHANGE LIMITED
33
10
AMOREPACIFIC CORPORATION KR
86
DANATEQ PTE. LTD.
32
Rank Overall filers
Number Local filers
Number
Patents
1
AGENCY FOR SCIENCE, TECHNOLOGY AGENCY FOR SCIENCE, TECHNOLOGY
AND RESEARCH SG
335
AND RESEARCH
335
2
NANYANG TECHNOLOGICAL NANYANG TECHNOLOGICAL
UNIVERSITY SG
127UNIVERSITY
127
3
UNITED TECHNOLOGIES CORPORATION US 120
NATIONAL UNIVERSITY OF SINGAPORE 69
4
LAM RESEARCH CORPORATION US
106
STATS CHIPPAC LTD
29
5
JOHNSON & JOHNSON VISION
88
SINGAPORE HEALTH SERVICES
29
CARE, INC US
PTE LTD
6
NOVARTIS AG CH
87
GLOBAL FOUNDRIES SINGAPORE PTE LTD 21
7
HALLIBURTON ENERGY SERVICES, INC US 81
CREATIVE TECHNOLOGY LTD
16
8
TENCENT TECHNOLOGY (SHENZHEN) 75
MASTERCARD ASIA PACIFIC PTE LTD
13
COMPANY LIMITED CN
9
QUALCOMM INCORPORATED US
75
HEPTAGON MICRO OPTICS PTE LTD
12
10
EXXONMOBIL RESEARCH AND
71
NANYANG POLYTECHNIC
9
ENGINEERING COMPANY US
11
F. HOFFMANN-LA ROCHE AG CH
71
NGEE ANN POLYTECHNIC
9
12
-
-
ASM TECHNOLOGY SINGAPORE PTE LTD 9
Rank
Industrial
1
Designs
2
3
4
5
6
7
8
9
10
11
12
13
48
Overall filers
Number
ASPIAL-LEE HWA JEWELLERY SINGAPORE PTE LTD SG
208
SK JEWELLERY PTE LTD SG
85
WOHA ARCHITECTS PTE LTD SG
45
SAMSUNG ELECTRONICS CO LTD KR
41
SKJ GROUP PTE LTD SG
37
KONINKLIJKE PHILIPS N.V. NL
33
SWATCH AG (SWATCH SA) (SWATCH LTD) CH 31
A3NP INDUSTRIA E COMERCIO DE
26
MOVEIS S/A BR
DAIKIN INDUSTRIES LTD JP
26
3M INNOVATIVE PROPERTIES COMPANY US 25
-
-
-
-
-
-
Local filers
ASPIAL-LEE HWA JEWELLERY
SINGAPORE PTE LTD SK JEWELLERY PTE LTD WOHA ARCHITECTS PTE LTD
SKJ GROUP PTE LTD
STAR FURNITURE PTE LTD
LOVE & CO.
SHEVRON PTE LTD
E & Y DESIGN PTE LTD
Number
JULIE ROBERTS PTE LTD
EIGHT INC. DESIGN SINGAPORE PTE LTD
KUSAGA ATHLETIC PTE LTD
TECHNIGROUP FAR EAST PTE LTD
VICPLAS HOLDINGS PTE LTD
208
85
45
37
20
17
14
10
10
8
8
8
8
Trade Marks Country / Economy
Applications
National Madrid
Patents
Registrations
National Madrid
Applications
National Albania
04 00
Algeria
00 00
Andorra
00 00
Angola
00 00
Antigua and Barbuda
0
1
0
0
Argentina
30 50
Armenia
05 05
Aruba
00 00
Australia
248
791207
520
Austria
14
23817
158
Azerbaijan
00 01
Bahamas
19
1
27
1
Bahrain
00 00
Bangladesh
00 10
Barbados
15
0 52
Belarus
0
10 02
Belgium
5
105
10
150
Belize
10 10
Benelux
0
342 08
Bermuda
61
0
22
7
Botswana
00 00
Bosnia and Herzegovina
0
1
0
0
Brazil
352 250
British West Indies
0
0
3
0
Brunei Darussalam 20 10
Bulgaria
1
35
0
43
Cambodia
00 00
Canada
167
12
147
27
Cayman Islands 410
0207
7
Chad
00 00
Channel Islands
20 00
Chile
11
0
13
0
China
959
969626
961
Colombia
72 40
Columbia
00 00
Costa Rica
00 00
Côte D’Ivoire
05 00
Croatia
06 06
Cuba
01 01
Curacao
19 00
Cyprus
733 974
Czech Republic
0
50
0
24
Democratic People’s
Republic of Korea
1
1
0
0
PCT Designs
Registrations
National PCT ApplicationsRegistrations
National National
00
00
00
00
0
0
00
00
00
46
123
567
00
0
0
00
00
12
00
18
42
01
00
7
2
00
0
0
127
0
0
00
0
2
00
30
64
32
4
00
00
0
1
47
280
02
00
00
00
00
03
00
211
2
3
0 0 0 0
0 0 0 0
0 1 0 0
0 0 0 0
0
0
0
0
0 1 0 0
0 0 0 0
0 0 0 0
1864 13 17
725 0 1
0 0 0 0
0
2
0
0
0 0 0 0
0 0 0 0
1 2 0 0
0 0 0 0
21
33
2
4
0 1 0 0
0 0 0 0
1
3
0
0
0 0 0 0
0
0
0
0
0 12 27 24
0
0
0
0
0 1 0 0
0
0
0
0
0 0 0 0
18
60
10
7
71 0 0
0 0 0 0
0 0 0 0
0
0
0
0
911045 47
0 1 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 2 0 0
0 1 0 0
0 0 0 0
0 3 0
1
0
1
0
0
0
0
0
0
0
0
49
Applications
National Madrid
Patents
Registrations
National Madrid
Applications
National Democratic Republic
of the Congo
0
0
0
0
Denmark
43
15235
162
Dominica
00 06
Dominican Republic10 10
Dutch Antilies
00 00
Ecuador
10 00
Egypt
0
14 10
Estonia
0
2
2
16
Ethiopia
00 00
European Union 0
832 04
Fiji
21 16
Finland
1
65
30
127
France
253 1,481
281 1,440
Georgia
02 00
Germany
180 2,139
141 1,891
Gibraltar
03 24
Greece
2
11
0
22
Guernsey
70 00
Guatemala
00 00
Guyana
00 00
Holy See
00 00
Hong Kong SAR
741
5
609
16
Hungary
0
30 04
Iceland
26
35
0
15
India
224 113
181
10
Indonesia
168
0148
0
Iran (Islamic Republic of)
0
27
0
6
Ireland
5486 5371
Isle of Man
39
0
49
1
Israel
1066 1240
Italy
71 1,052
64
881
Jamaica
00 00
Japan
1,711 1,506
2,072 1229
Jersey
1
0
8
16
Jordan
30 80
Kazakhstan
09 01
Kenya
01 00
Kuwait
40 50
Lao People’s
Democratic Republic
00 00
Latvia
6
16 05
Lebanon
11 46
Liberia
21
0 00
Liechtenstein
62
8913
69
Lithuania
0
10 10
Luxembourg
65
15166
217
50
PCT Designs
Registrations
National PCT National National
0
0
0
0
0
633 239 5
10 1 0 0
00 0 0 0
00 0 0 0
00 0 0 0
00 0 2 0
0
3
0
0
0
00 0 0 0
00 0 0 0
00 0 0 0
21
65
5
27
0
100
253
56
181
25
00 0 0 0
127
416
88
281
9
00 0 0 0
0
3
0
0
0
00 0 0 0
00 0 0 0
00 0 0 0
00 0 0 0
9
4
10
4
30
03 0 5 0
0
0
1
1
0
24
78
4
35
7
20 01 4
0
0
0
0
0
1029 11 25 0
1
0
1
1
0
2380 7 17 1
11
73
27
39
6
00 0 0 0
332 1,092
306
651
193
0
0
0
0
0
00 0 0 0
00 0 0 0
00 0 0 0
00 0 0 0
00
00
00
00
13
00
522
0 0
0 0
0 0
0 0
01
0 0
612
0
5
0
0
0
0
0
0
0
0
0
0
18
0
10
0
0
0
0
0
0
24
0
0
7
4
0
0
2
1
6
0
235
0
0
0
0
0
0 0
0 0
0 0
0 0
0 0
0 0
1 1
ApplicationsRegistrations
Applications
National Madrid
Patents
Registrations
National Madrid
Applications
National Macau SAR
52
0 54
Madagascar
00 00
Malaysia
5502 4963
Maldives
00 50
Mali
10 10
Malta
10
5112
37
Marshall Islands 11
0 50
Mauritius
30
3
41
2
Mexico
32
7
27
3
Monaco
3
14
1
41
Mongolia
00 03
Montenegro
05 00
Morocco
03 04
Myanmar
20 00
Nepal
00 00
Netherlands
146
242139
396
Netherlands Antilles00 00
New Zealand
84
141
58
97
Nigeria
20 20
Norway
8
144
4
64
Oman
50 40
Pakistan
10
0 62
Panama
6
1414
4
Papua New Guinea
0
0
0
0
Paraguay
10 00
Peru
50 40
Philippines
25
1950
21
Poland
330 433
Portugal
2
42
5
37
Puerto Rico
00 00
Qatar
48
0
14
0
Republic of Korea
683
272
598
236
Republic of Moldova
0
0
0
0
Romania
08 03
Russian Federation
6
245
11
141
Saint Kitts and Nevis
0
0
0
0
Saint Lucia
33 00
Saint Vincent and
The Grenadines
00 00
Samoa
40 50
San Marino
00 00
Sao Tome and Principe
0
0
0
1
Saudi Arabia
720 670
Serbia
00 00
Sierra Leone
02 00
Seychelles
30 30
PCT Designs
Registrations
National National
02
00
1434
00
00
03
00
0
0
0
1
0
0
00
00
00
00
00
34
137
00
2
14
00
17
52
00
00
01
0
0
00
00
92
010
2
7
20
0
1
35
111
0
0
01
2
7
0
0
00
1 1 9 7
0 0 0 0
6 14 19 26
0 0 0 0
0 0 0 0
00 0 0
0 0 0 0
0
0
0
0
1
4
0
0
0
0
0
0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2984 7
2
0 1 0 0
3
7
4
4
0 0 0 0
2
32
1
2
0 0 0 0
0 0 0 0
21 0 0
0
0
0
0
0 0 0 0
0 0 0 0
10 1 1
0 4 0
0
0
3
1
1
0 1 0 0
0
0
0
0
17
70
106
142
0
1
0
0
0 0 0 0
2
6
0
0
0
0
0
0
0 0 0 0
00
00
00
0
0
041
00
00
01
0
0
0
0
0
0
0
1
0
0
0
0
4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
51
Trade Mark applications (by class) in 2014 according to the Nice Classification
Class
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
National Madrid
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
Suriname
Sweden
Switzerland
Syrian Arab Republic
Taiwan
Thailand
The Former Yugoslav
Rep of Macedonia
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Virgin Islands, British
Virgin Islands (US)
West Indies
Yemen
Unknown
52
Applications
Patents
Registrations
National Madrid
Applications
National PCT Designs
Registrations
National National
9,087 16
7,209
48
0
22 05
6
16
4
17
360 270
31
26324
250
14
0
11
2
00 00
67
213
65
288
227 1,528
231 1,498
0
0
0
0
561
2
602
0
229
4202
6
962
341
251
151
776
02 0 0 0
0
0
1
0
0
114 0 6 0
10
37 218 1
1
0
0
0
0
00 0 0 0
15
68
12
64
8
88
462
42
236
20
0
0
0
0
0
75
6
48
7
15
06 03 0
716
0
0
0
1
0
0
9
15
0
20
0
0
0
0
1
0
0
0
0
00 00
5
155
12
141
1
0
1
0
00 00
2
30
0
26
64
13
58
9
573 1,537
441
1,051
3,287 2,776
3,596 1,930
61 77
00 00
00 00
50 10
11
4311
49
403
58
298
99
0
0
0
0
00 00
00 10
24 01
0
0
0
0
0
0
0
0
0
0
00 0 0 0
0
2
1
3
1
0
0
0
0
0
00 0 0 0
0
0
0
0
0
0
2
0
2
0
93
263
61
151
38
954
2,691
511
1,408
240
00 0 0 0
00 0 0 0
00 0 0 0
00 0 0 0
02 00 0
9
11
1
8
4
0
0
0
0
0
00 0 0 0
00 0 0 0
00 0 0 0
0
0
0
0
0
0
0
0
46
266
0
0
0
0
0
3
0
0
0
0
Goods and Services
Chemicals used in industry etc
Paints, varnishes, lacquers etc
Cleaning preparations, soaps, perfumery, essential oils, cosmetics etc
Industrial oils and greases, lubricants etc
Pharmaceutical and veterinary preparations etc
Common metals and their alloys etc
Machines and machine tools etc
Hand tools and implements (hand-operated); cutlery; side arms; razors
Scientific, nautical, surveying, photographic, cinematographic etc
Surgical, medical, dental and veterinary apparatus and instruments, artificial limbs etc
Apparatus for lighting, heating, steam generating, cooking, etc
Vehicles; apparatus for locomotion by land, air or water
Firearms; ammunition and projectiles; explosives; fireworks
Precious metals and their alloys etc
Musical instruments
Paper, cardboard etc
Rubber, gutta-percha, gum, asbestos, mica etc
Leather and imitations of leather etc
Building materials (non-metallic); non-metallic rigid pipes for building etc
Furniture, mirrors, picture frames etc
Household or kitchen utensils and containers etc
Ropes, string, nets, tents, awnings, tarpaulins, sails etc
Yarns and threads, for textile use
Textiles and textile goods, not included in other classes; bed and table covers etc
Clothing, footwear, headgear
Lace and embroidery, ribbons and braid; buttons, hooks and eyes etc
Carpets, rugs, mats and matting, linoleum etc
Games and playthings; gymnastic and sporting articles etc
Meat, fish, poultry and game; meat extracts etc
Coffee, tea, cocoa, sugar, rice, tapioca, sago, powder; salt etc
Agricultural, horticultural and forestry products and grains for animals; malt etc
Beers; mineral and aerated waters and other non-alcoholic drinks etc
Alcoholic beverages (except beers) etc
“Tobacco; smokers’ articles; matches“
Advertising; business management; business administration; office functions
Insurance; financial affairs; monetary affairs; real estate affairs
Building construction; repair; installation services
Telecommunications
Transport; packaging and storage of goods; travel arrangement
Treatment of materials
Education; providing of training; entertainment; sporting and cultural activities
Scientific and technological services and research and design relating thereto etc
Services for providing food and drink; temporary accommodation
Medical services; veterinary services; hygienic and beauty care for human beings etc
Legal services; personal and social services rendered by others to meet the needs of individuals etc
Number
630
145
2131
286
2176
494
920
234
4031
710
810
657
29
825
30
1333
309
948
260
533
537
70
36
342
1816
121
97
713
1021
1498
308
745
624
278
3473
1293
799
859
700
352
2223
2293
1599
770
482
53
Top 10 Trade Mark classes filed in 2014
Top 10 Industrial Design classes filed in 2014
Overall filers
Local filers
Rank ClassNumber
ClassNumber
1
9
4031
35
1096
2
35
3473
43
792
3
42
2293
41
756
4
41
2223
9
664
5 52176 42490
6 32131 30396
7
25
1816
25
376
8
43
1599
16
355
9
30
1498
36
336
10
16
1333
5
326
Overall filers
Local filers
Rank ClassNumber
ClassNumber
1 14507
11407
2
11
442
6
78
3 9147 2336
4
23
120
14
31
5
6
113
9
27
6
12
90
7
23
7
7
78
26
22
8875
821
92160
2519
10
13
59
2
17
Industrial Design applications in 2014 according to the Locarno Classification
Patents granted in 2014 according to the International Patent Classification
Class
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
Goods Foodstuffs
Articles of clothing and haberdashery
Travel goods, cases, parasols and personal belongings, not elsewhere specified
Brushware
Textile Piecegoods, Artificial and Natural Sheet Material
Furnishing
Household goods, not elsewhere specified
Tools and hardware
Packages and containers for the transport or handling of goods
Clocks and watches and other measuring instruments, checking and signalling instruments
Means of transport or hoisting
Equipment for production, distribution or transformation of electricity
Recording, communication or information retrieval equipment
Machines, not elsewhere specified
Photograhpic, cinematographic and optical apparatus
Musical instruments
Printing and office machinery
Stationery and Office equipment, artists and teaching materials
Sales and advertising equipment, signs
Games, toys, tents and sports goods
Arms, pyrotechnic articles, articles for hunting, fishing and pest killing
Fluid distribution equipment, sanitary heating, ventilation and air-conditioning equipment, solid fuel
Medical and laboratory equipment
Building units and construction elements
Lighting apparatus
Tobacco and smokers’ supplies
Pharmaceutical and cosmetic products, toilet articles and apparatus
Class
A
B
C
D
E
F
G
H
29
30
31
99
Devices and equipment against fire hazards, for accident prevention and for rescue
Articles for the care and handling of animals
Machines and appliances for preparing food or drink, not elsewhere specified
Miscellaneous
Number
7
48
41
9
18
145
35
80
135
24
427
41
45
215
23
11
0
4
18
28
16
0
89
34
37
27
6
38
Field of invention
Human Necessities
Performing Operations; Transporting
Chemistry; Metallurgy
Textiles; Paper
Fixed Constructions
Mechanical Engineering; Lighting; Heating; Weapons
Physics
Electricity
Total number of grants in 2014
Percentage
23.6%
18.7%
32.4%
0.5%
5.7%
5.9%
18.6%
20.7%
5,538
Intellectual Property Disputes filed with IPOS
2013 2014
Trade Marks (by class)
Intended Oppositions
176
271
Oppositions197 207
Percentage of TM oppositions to TM published
0.76%
0.57%
Invalidations/Revocations/Rectifications46 65
Patents
Revocations0
1
Others*0
0
Industrial Designs
Revocations0
0
* 'Others' include cases such as Patent
Entitlement or Opposition to Inventorship
5
0
22
1
Note: Possible for an Industrial Design application to have more than one class
54
55
IPOS Hearings in 2014
Trade Marks Industrial
(by class)
Patents
Designs
Case Management Conferences
100
5
0
Pre-hearing Reviews32
0
0
Interlocutory Hearings6
1
0
Taxation Hearings12
0
0
Ex Parte Hearings2
0
0
Inter Partes Hearings
Oppositions8
0
Invalidations4
-
Revocations3
0
0
Appeals to the High Court /
Court of Appeal1
0
0
FINANCIAL
STATEMENTS
IPOS Hearings Outcome in 2014
Application Successful
Application Unsuccessful
Trade Marks Industrial Trade Marks
Industrial
(by class)
Patents
Designs
(by class)
Patents
Designs
Ex Parte Hearings0
0
0
2
0
0
Application Successful
Application Unsuccessful
Industrial
(by class)
Patents
Designs
(by class)
Patents
Designs
Oppositions1
0
-
11
0
Invalidations1
-
-
1
-
Revocations1
0
0
1
0
0
High Court / Court of Appeal Outcome in 2014
IPOS Decision Upheld
IPOS Decision Overturned
Industrial
(by class)
Patents
Designs
(by class)
Patents
Designs
Ex Parte Hearings0
0
-
0
0
Oppositions0
-
-
0
-
Revocations0
0
0
0
0
0
REPORT OF THE DIRECTORS AND
FINANCIAL STATEMENTS
31 MARCH 2015
IPOS AND ITS SUBSIDIARIES
BDO LLP
PUBLIC ACCOUNTANTS AND CHARTERED ACCOUNTANTS
56
57
CONTENTS
59
STATEMENT BY MEMBERS OF THE BOARD
Statement by the board of director
In the opinion of the Members of the Board:
60
Independent Auditor’s Report
62
Statement of Comprehensive Income
63
65
Statement of Financial Position
Statement of Changes in Equity
66
Consolidated Statement of Cash Flows
67
Notes to the Financial Statements
(a)
the accompanying financial statements of Intellectual Property Office of Singapore (the “Office”) and its subsidiaries (the “Group”)
as set out on pages 62 to 96 are properly drawn up in accordance with the provisions of the Intellectual Property Office of
Singapore Act 2001, Chapter 140 (the “Act”) and Statutory Board Financial Reporting Standards so as to give a true and fair
view of the state of affairs of the Group and of the Office as at 31 March 2015, the results and changes in equity of the Group
and of the Office and cash flows of the Group for the year ended on that date; and
(b) proper accounting and other records have been kept, including records of all assets of the Office whether purchased, donated
or otherwise; and
(c)
the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the Office during the financial year
have been made in accordance with the provisions of the Act.
The Board of Intellectual Property Office of Singapore has, on the date of this statement, authorised these financial statements for
issue.
On behalf of the Board
Dr. Stanley LaiMr Tan Yih San
ChairmanChief Executive
Singapore
3 August 2015
58
59
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF THE BOARD OF IPOS
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF THE BOARD OF IPOS
Report on the financial statements
Report on Other Legal and Regulatory Requirements
We have audited the financial statements of Intellectual Property Office of Singapore (the “Office”) and its subsidiaries (the “Group”),
which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Office as
at 31 March 2015, and the statements of comprehensive income and statements of changes in equity of the Group and of the Office,
and the consolidated statement of cash flows of the Group for the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management’s Responsibility for Compliance with Legal Regulatory Requirements
Management’s responsibility for the financial statements
Auditor’s Responsibility
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of
the Intellectual Property Office of Singapore Act 2001, Chapter 140 (the “Act”) and the Statutory Board Financial Reporting Standards
(“SB-FRS”), and for such internal control as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on management’s compliance based on our audit of the financial statements. We
conducted our audit in accordance with Singapore Standards on Auditing. We planned and performed the compliance audit to obtain
reasonable assurance about whether the receipts, expenditure, investment of moneys and the acquisition and disposal of assets, are
in accordance with the provisions of the Act.
Auditor’s responsibility
Our compliance audit includes obtaining an understanding of the internal control relevant to the receipts, expenditure, investment of
moneys and the acquisition and disposal of assets; and assessing the risks of material misstatement of the financial statements from
non-compliance, if any, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Because of
the inherent limitations in any accounting and internal control system, non-compliances may nevertheless occur and not be detected.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity’s preparation and fair presentation of financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as the overall presentation of the financial statements.
Management is responsible for ensuring that the receipts, expenditure, investment of moneys and the acquisition and disposal of
assets, are in accordance with the provisions of the Act. This responsibility includes implementing accounting and internal controls as
management determines are necessary to enable compliance with the provisions of the Act.
We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our opinion on management’s
compliance.
Opinion
In our opinion:
(a)
the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the Office during the year ended
31 March 2015 are, in all material respects, in accordance with provisions of the Act; and
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the statement of financial position, statement of comprehensive
income and statement of changes in equity of the Office are properly drawn up in accordance with the provisions of the Act and SBFRS so as to present fairly, in all material respects, the financial position of the Group and of the Office as at 31 March 2015 and of the
financial performance of the Group and of the Office and the changes in equity of the Group and of the Office and cash flows of the
Group for the year ended on that date.
(b) proper accounting and other records have been kept, including records of all assets of the Office whether purchased, donated
or otherwise.
(c)
The accounting and other records of those subsidiary corporations incorporated in Singapore of which we are the auditors have
been properly kept in accordance with the Singapore Companies Act, Chapter 50.
Other matters
The financial statements of the Group and of the Office for the financial year ended 31 March 2014 were audited by another firm of
auditor who expressed an unqualified opinion on the report dated on 31 July 2014.
BDO LLP
Public Accountants and
Chartered Accountants
Singapore
3 August 2015
60
61
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2015
STATEMENTS OF FINANCIAL POSITION
Group
Office
Note 201520142015
2014
$$$
$
(Restated)(Restated)
Operating income
Registration fees 4
40,767,147
38,446,069
40,767,147
38,446,069
Training course income
1,110,045
618,137
-
Other fees and charges
2,364,587
1,203,517
2,347,061
1,272,443
GroupOffice
As at 31
As at 31
As at 1
As at 31
As at 31
As at 1
Note March 2015 March 2014
April 2013 March 2015 March 2014 April 2013
$$$$$
$
(Restated)
(Restated)
(Restated)
(Restated)
Equity
Share capital
11
853,153 614,377 285,606 853,153
614,377
285,606
Accumulated surplus
71,774,650 65,639,822 56,705,978 71,127,733
65,111,704 56,129,808
44,241,77940,267,72343,114,208
39,718,512
Operating expenditure
Employee benefit expenses
5
32,169,886
22,223,387
28,660,177
20,320,688
Maintenance of office premises and computers
6,452,514
6,317,656
6,407,350
6,287,049
Rental of office premises
3,394,340
2,774,500
2,963,768
2,543,918
General and administrative expenses
6
7,851,089
7,134,330
7,517,740
5,673,137
Amortisation expense
16 856,747169,174854,497
168,986
Depreciation expense 17
907,841
699,782
635,933
548,248
Operating grant 22
-
-
558,198
461,832
Total equity
72,627,803 66,254,199 56,991,584 71,980,886
65,726,081 56,415,414
Current assets
Cash and cash equivalents 12 109,464,521 106,304,216 86,861,043 106,586,867 105,183,191 85,724,475
Trade receivables
13
972,626 1,446,861 2,409,905 890,690
1,432,157
2,325,665
Other receivables
14
1,665,258 1,675,608 666,273 1,493,846
1,175,639
1,616,877
Grant receivable
15
517,321
-
66,950 517,321
-
66,950
51,632,41739,318,82947,597,663
36,003,858
Operating (deficit)/surplus (7,390,638) 948,894 (4,483,455)3,714,654
Non-operating income
Interest income 7
988,178
479,455
988,178
479,455
(Deficit)/surplus before grants and
Contribution to Consolidated Fund (6,402,460)1,428,349(3,495,277)
4,194,109
Grants
Operating grants 15
13,969,094
9,430,353
11,177,325
6,770,788
Deferred capital grants amortised
- Government 8
263,043
86,973
28,830
28,830
Total current assets 112,619,726 109,426,685 90,004,171 109,488,724 107,790,987 89,733,967
Non-current assets
Intangible assets
16
10,366,315 2,955,487
2,590,109
10,364,253
2,951,175
2,590,109
Plant and equipment
17
1,973,693 2,590,828 2,054,934 1,584,481
2,112,158
1,813,083
Investment in subsidiaries
18
-
-
-
4
2
Total non-current assets
12,340,008 5,546,315 4,645,043 11,948,738
5,063,335
4,403,192
14,232,137 9,517,32611,206,1556,799,618
Surplus before Contribution to
Consolidated Fund and taxation
7,829,677 10,945,675 7,710,87810,993,727
Contribution to Consolidated Fund 9
(1,310,849)
(2,011,831)
(1,310,849)
(2,011,831)
Income tax expense 10
-
-
-
-
Total assets 124,959,734 114,973,000 94,649,214 121,437,462 112,854,322 94,137,159
Current liabilities
Trade payables
19
6,480,765 4,133,385
2,839,937
6,100,702
3,357,079
3,322,860
Other payables
20
13,286,895 6,814,596
4,445,213
12,738,964
8,328,100
5,290,920
Deferred revenue
21
3,392,455 3,109,803
2,860,278
3,153,141
2,862,103
2,652,363
Grant payable 22----
461,832
Grant received in advance
15
1,538,599 5,884,218
1,000,000
-
3,745,989
Provision for contribution
to Consolidated Fund
9
1,310,849 2,011,831
2,121,918
1,310,849
2,011,831
2,121,918
Income tax payable
10
33 33
56,600
-
-
Patent deposits
23
10,308,381 11,912,894
11,073,373
10,308,381
11,912,894 11,073,373
Finance lease payable
24
4,962 69,221
83,730
4,962
69,221
83,730
Deferred capital grants
- Government
8
195,842 432,458
28,830
26,427
28,830
28,830
Total comprehensive income for the year 6,518,8288,933,8446,400,029
8,981,896
Total current liabilities
The accompanying notes form an integral part of these financial statements.
62
36,518,781 34,368,439 24,509,879
33,643,426
32,777,879
24,573,994
63
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF CHANGES EQUITY
GroupOffice
As at 31
As at 31
As at 1
As at 31
As at 31
As at 1
Note March 2015 March 2014
April 2013 March 2015 March 2014 April 2013
$$$$$
$
(Restated)
(Restated)
(Restated)
(Restated)
Non-current liabilities
Deferred revenue
21
15,813,150 14,323,935 13,072,734
15,813,150
14,323,935 13,072,734
24
-
-
19,760
-
-
19,760
- Government
8
-
26,427 55,257
-
26,427
55,257
Share
Accumulated
Note
capital
surplus
Total
$
$
$
Group
2015
Balance at 1 April 2014
- as previously reported
614,377 70,068,721 70,683,098
- prior year adjustments
31
-
(4,428,899)
(4,428,899)
Total non-current liabilities
15,813,150 14,350,362 13,147,751
15,813,150
14,350,362
13,147,751
Total liabilities
52,331,931 48,718,801
37,657,630
49,456,576
47,128,241
37,721,745
Net assets 72,627,803 66,254,199 56,991,584
71,980,886
65,726,081 56,415,414
Funds held in trust
Patent Agent Manpower
Fund
29
5,474
5,474
5,474
5,474
5,474
5,474
- as restated
614,377 Total comprehensive income for the financial year
-
Equity injection
11
238,776 Dividend paid
25
-
65,639,822 66,254,199
6,518,828 -
(384,000)
6,518,828
238,776
(384,000)
Balance at 31 March 2015
853,153 71,774,650 72,627,803
2014
285,606
60,291,645
60,577,251
31
-
(3,585,667)
(3,585,667)
- as restated
285,606
Total comprehensive income for the financial year
-
Equity injection
11
328,771
56,705,978
56,991,584
8,933,844
-
8,933,844
328,771
614,377
65,639,822
66,254,199
Office
2015
614,377
69,426,729
70,041,106
31
-
(4,315,025)
(4,315,025)
- as restated
614,377
-
Equity injection
11
238,776
Dividend paid
25
-
65,111,704
65,726,081
6,400,029
-
(384,000)
6,400,029
238,776
(384,000)
71,127,733
71,980,886
853,153
2014
285,606
59,604,265
59,889,871
31
-
(3,474,457)
(3,474,457)
The accompanying notes form an integral part of these financial statements
64
- as restated
285,606
-
Equity injection
11
328,771
56,129,808
56,415,414
8,981,896
-
8,981,896
328,771
65,111,704
65,726,081
614,377
65
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS
The Group
Note
2015
2014
$
$
(Restated)
Operating activities
(Deficit)/surplus before grants and Contribution to Consolidated Fund (6,402,460)
1,428,349
Adjustments for:
Amortisation of intangible assets
16
856,747
169,174
Depreciation of plant and equipment
17
907,841 699,782
Intangible assets written off
16
119,955
Plant and equipment written off
17
71,110
189,904
Loss on disposal of plant and equipment
-
800
Interest on finance lease
-
703
Interest income
7
(988,178)
(479,455)
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
(Deficit)/surplus before working capital changes
(5,434,985)
Operating cash flows before working capital changes:
Trade and other receivables
832,809 Trade and other payables
8,819,679 Deferred revenue
21
1,771,867 Patent deposits
23
(1,604,513)
2,009,257
Cash flows generated from operations
Interest received
Income tax paid
Payment of Contribution to Consolidated Fund
4,384,857 639,954 -
(2,011,831)
8,008,753
436,746
(56,567)
(2,121,918)
Net cash flows generated from operating activities
3,012,980 Investing activities
Purchase of intangible assets
16
(8,387,530)
Purchase of plant and equipment
17
(361,816)
6,267,014
Net cash flows used in investing activities
(8,749,346)
Financing activities
Government grants received
9,106,154 Equity injection
11
238,776 Dividend paid
25
(384,000)
Repayment of finance lease obligations
(64,259)
(3,582)
3,662,831
1,500,726
839,521
(534,552)
(1,426,380)
(1,960,932)
14,843,292
328,771
(34,972)
1. General information
The Intellectual Property Office of Singapore (the “Office”), officially established under the Intellectual Property Office of Singapore
Act 2001, Chapter 140, is domiciled in Singapore. The Office’s place of business is situated at 51 Bras Basah Road #04-01
Manulife Centre, Singapore 189554.
The principal activities of the Office are
(a)
(b)
(c)
(d)
(e)
(f)
(g)
administering the systems of protection of intellectual property (“IP”) in Singapore;
formulating and reviewing of IP rights policies and legislations;
maintaining and disseminating of IP information and documents;
representing the Government internationally on IP matters;
nurturing and training of IP agents;
co-operating with other organisations and IP offices on IP programmes; and
promoting the awareness and effective use of IP rights.
The principal activities of the subsidiaries are described in Note 18 to the financial statements.
The financial statements of the Group and of the Office for the year ended 31 March 2015 were authorised for issue by the Board
of Directors on 3 August 2015.
2. Summary of significant accounting policies
2.1 Basis of preparation
These financial statements are prepared in accordance with the provisions of the Intellectual Property Office of Singapore
Act 2001, Chapter 140 and Statutory Board Financial Reporting Standards (“SB-FRS”). SB-FRS includes Interpretations of
SB-FRS and SB-FRS Guidance Notes as promulgated by the Accountant-General’s Department.
The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting
policies below.
The financial statements are presented in Singapore dollar (“$”) which is the Office’s functional currency and the presentation
currency for the consolidated financial statements.
The preparation of financial statements in conformity with SB-FRS requires management to exercise its judgement in the
process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and
assumptions. Although these estimates are based on the Group’s best knowledge of current events and actions, actual
results may ultimately differ from these estimates. The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial statements, are disclosed in Note 3.
Net cash flows generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
8,896,671 15,137,091
Where necessary, comparative figures have been adjusted to conform to changes in the current year presentation. These
reclassifications have been made to better reflect the nature of items in the set of financial information.
3,160,305 106,304,216 19,443,173
86,861,043
In the current financial year, the Group has adopted all the new and revised SB-FRS that are relevant to its operations and
effective for the current financial year. The adoption of these new/revised SB-FRS did not result in changes to the Group’s
accounting policies and had no material effect on the amounts reported for the current or prior years, except as detailed below.
Cash and cash equivalents at end of the year
109,464,521 106,304,216
SB-FRS 110 Consolidated Financial Statements and SB-FRS 27 (Revised) Separate Financial Statements
SB-FRS 110 introduces a single new control model, as the basis for determining which entities are consolidated in the
Group’s financial statements. Under SB-FRS 110, control exists when the Group has:
- power over an investee;
- exposure, or rights, to variable returns from the investee; and
- the ability to use its power over an investee to affect the Group’s returns from the investee.
66
12
67
2. Summary of significant accounting policies (Continued)
2.1 Basis of preparation (Continued)
SB-FRS 110 Consolidated Financial Statements and SB-FRS 27 (Revised) Separate Financial Statements (Continued)
The Group has applied SB-FRS 110 retrospectively, in accordance with the transitional provisions of SB-FRS 110 and
changed its accounting policy for determining whether it has control over an entity and whether it is required to consolidate
that interest. The adoption of SB-FRS 110 did not result in any changes to the control conclusions reached by the Group
in respect of its involvement with other entities as at the date of initial adoption on 1 April 2014. The adoption of SB-FRS 27
(Revised) did not result in any changes to the Group’s or the Office’s financial statements.
SB-FRS 112 Disclosure of Interests in Other Entities
SB-FRS 112 prescribes comprehensive disclosure requirements for all types of interests in other entities. It requires an entity
to disclose information that helps users to assess the nature and financial effects of relationships with subsidiaries,
associates, joint arrangements and unconsolidated structured entities. As the new standard affects only disclosure, there is
no effect on the Group’s financial position or performance. Certain new disclosure are included in these financial statements
following the adoption of SB-FRS 112 on 1 April 2014.
SB-FRS issued but not yet effective
SB-FRS 19 (Amendments)
: Defined Benefit Plans: Employee Contribution
Improvements to SB-FRSs (January 2014)
Improvements to SB-FRSs (February 2014) SB-FRS 110 and SB-FRS 28 (Amendments) : Sale or Contribution of Assets
between an Investor and its SB-FRS 1 (Amendments)
: Disclosure Initiative
SB-FRS 16, SB-FRS 38 (Amendments)
: Clarification of Acceptable Methods of Depreciation and Amortisation
SB-FRS 16, SB-FRS 41 (Amendments)
: Agriculture: Bearer Plants SB-FRS 27 (Amendments)
: Equity Method in Separate Financial Statements
SB-FRS 111 (Amendments)
: Accounting for Acquisitions of Interests in Joint Operations
SB-FRS 114
: Regulatory Deferral Accounts
Various
: Improvements to SB-FRSs (November 2016)
SB-FRS 115
: Revenue from Contracts with Customers
SB-FRS 115 Revenue from Contracts with Customers
SB-FRS 115 introduces a comprehensive model that applies to revenue from contracts with customers and supersedes all
existing revenue recognition requirements under SB-FRS. The model features a five-step analysis to determine whether,
how much and when revenue is recognised, and two approaches for recognising revenue: at a point in time or over time.
The core principle is that an entity recognises revenue when control over promised goods or services is transferred to
customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those
goods or services. SB-FRS 115 also introduces extensive qualitative and quantitative disclosure requirements which aim to
enable users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash
flows arising from contracts with customers.
On initial adoption of this standard there may be a potentially significant impact on the timing and profile of revenue
recognition of the Group. Due to the recent release of this standard, the Group has not yet made a detailed assessment of
the impact of this standard. The Group plans to adopt the standard in the financial year beginning on 1 April 2017 with either
full or modified retrospective effect in accordance with the transitional provisions, and will include the required additional
disclosures in its financial statements for that financial year.
At the date of authorisation of these financial statements, the following SB-FRS that are relevant to the Group were issued
but not yet effective:
Effective date
(annual periods beginning on or after)
1 July 2014
1 July 2014
1 July 2014
1 January 2016
1 January 2016
1 January 2016
1 January 2016
1 January 2016
1 January 2016
1 January 2016
1 January 2016
1 January 2017
2.1 Basis of preparation (Continued)
2.2 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Office and its subsidiaries. The subsidiaries
are entities over which the Group has control. The Group controls an investee if the Group has power over the investee,
exposure to variable returns from the investee, and the ability to use its power to affect those variable returns. Control is
reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
The subsidiaries are consolidated from the date on which control is obtained by the Group up to the effective date on which
control is lost, as appropriate.
Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions are
eliminated on consolidation. Unrealised losses may be an impairment indicator of the asset concerned.
The financial statements of the subsidiaries are prepared for the same reporting period as that of the Office, using consistent
accounting policies. Where necessary, accounting policies of subsidiary are changed to ensure consistency with the policies
adopted by other members of the Group.
When a change in the Office’s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets
and liabilities of the subsidiary including any goodwill are derecognised. Amounts recognised in other comprehensive
income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by
a specific Standard.
Any retained interest in the entity is re-measured at fair value. The difference between the carrying amount of the retained
investment at the date when control is lost and its fair value is recognised in profit or loss.
In the separate financial statements of the Office, investments in subsidiaries are carried at cost, less any impairment loss
that has been recognised in profit or loss.
Consequential amendments were also made to various standards as a result of these new/revised standards.
Except as disclosed below, management anticipates that the adoption of the above SB-FRS in future periods, if applicable,
will not have a material impact on the financial statements of the Group in the period of their initial adoption.
Revenue is measured at the fair value of the consideration received or receivable.
(i) Registration fees
2.3 Revenue recognition
68
Local and international registration fee are recognised when the registration service has been rendered. Patent revenue
is presented net of search and examination work performed by international patent offices. Revenue from renewal for
trademarks and designs are recognised over the effective protection period from 5 to 10 years on a straight-line basis.
69
2.3 Revenue recognition (Continued)
(ii) Training course income
(iii) Other fees and charges
Dividend income is recognised when the right to receive payment is established.
2.4 Employee benefits
(i) Retirement Benefit Costs
Payments to defined contribution plans are charged as an expense as they fall due. Payments made to statemanaged retirement benefit schemes, such as the Singapore Central Provident Fund, are dealt with as payments to defined
contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined
contribution plan.
(ii) Employee leaves entitlements
Interest income is recognised on an accrual basis by reference to the principal outstanding and at the effective interest
rate applicable which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to the net carrying amount.
(v) Dividend income
Other fees and charges comprise of regulatory charges, conference and workshop service charges and membership
fees. These are recognised when the relevant services have been rendered.
(iv) Interest income
Training course income is recognised on a straight line basis over the period of the course.
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the
estimated undiscounted liability for annual leave expected to be settled wholly within 12 months from the reporting date
as a result of services rendered by employees up to the end of the financial year.
2.5 Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
ownership to the lessee. All other leases are classified as operating leases.
Finance lease
Assets held under finance leases are recognised as assets of the Group at their fair value at the inception of the lease or,
if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the
statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and
reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance
charges are charged directly to profit or loss. Contingent rentals are recognised as expenses in the periods in which they
are incurred.
Operating lease
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant
lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased
asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which
they are incurred.
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability.
The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where
another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are
consumed.
70
2.6 Government grants
Government grants utilised for the purchase of equipment are included in the statements of financial position as deferred
capital grant account - government.
Deferred capital grants are recognised in the profit or loss over the periods necessary to match the depreciation of the
assets purchased. On disposal of the equipment, the balance of the related grants is taken to the profit or loss to match the
net book value of the equipment disposed.
Grants and contributions received for the purchase of equipment but which are not yet utilised are taken to the grant
received in advance account.
Government grants are recognised as income over the periods necessary to match them with the related costs which they
are intended to reimburse, on a systematic basis. Government grants that are receivable as reimbursements for expenses
already incurred are recognised in profit or loss in the period in which they become receivable.
Grants are recognised only when there is reasonable assurance that the Group would comply with the conditions attaching
to those grants, and the grants would be received.
2.7 Taxes and Contribution to Consolidated Fund
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current income tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit reported as profit or loss
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items
that are not taxable or tax deductible. The Group’s liability for current tax is recognised at the amount expected to be paid
or recovered from the tax authorities and is calculated using tax rates (and tax laws) that have been enacted or substantively
enacted by the end of the financial year.
Current income taxes are recognised in profit or loss, except to the extent that the tax relates to items recognised outside
profit or loss, either in other comprehensive income or directly in equity.
Deferred tax
Deferred tax is recognised on all temporary differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the
balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference
arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each financial year and reduced to the extent that it is
no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group
expects to recover or settle its assets and liabilities.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset
realised based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the financial year.
71
2.7 Taxes and Contribution to Consolidated Fund (Continued)
2.9 Financial instruments (Continued)
Deferred tax (Continued)
Financial assets (Continued)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis.
Initial measurement
Financial assets are initially recognised at fair value plus transaction costs.
Deferred tax is recognised in profit or loss, except when it relates to items recognised outside profit or loss, in which case
the tax is also recognised either in other comprehensive income or directly in equity.
Subsequent measurement
Loans and receivables are subsequently carried at amortised cost using the effective interest method.
Contribution to Consolidated Fund
The contribution to the consolidated fund is required under Section 3(a) of the Statutory Corporations (Contribution to
Consolidated Fund) Act (Cap. 319(A)). The contribution is pegged at the prevailing statutory income tax rate for corporate
bodies. Accounting surplus would be used for the purpose of computing the contribution and this is accounted for on an
accrual basis.
Good and Services Tax
The effective interest method is a method of calculating the amortised cost of a financial instrument and allocating the
interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash receipts or payments (including all fees on points paid or received that form an integral part of the effective
interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or
where appropriate, a shorter period, to the net carrying amount of the financial instrument. Income and expense are
recognised on an effective interest basis for debt instruments other than those financial instruments at fair value through
profit or loss.
Revenue, expenses and assets are recognised net of the good and services taxes except when the good and services tax
that is incurred on purchase of assets or services is not recoverable from the tax authorities, in which case the good and
services tax is recognised as part of cost of acquisition of the asset or as part of the expense item as applicable and of those
incurred on purchase of assets or services through government grant.
The Group assesses at the end of each financial year whether there is objective evidence that a financial asset or a group
of financial assets is impaired and recognises an allowance for impairment when such evidence exists.
Loans and receivables
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy, and default or significant delay
in payments are objective evidence that these financial assets are impaired.
The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as
the difference between the carrying amount and the present value of estimated future cash flows, discounted at the original
effective interest rate. When the asset becomes uncollectible, it is written off against the allowance account. Subsequent
recoveries of amounts previously written off are recognised against the same line item in profit or loss.
The impairment allowance is reduced through profit or loss in a subsequent period when the amount of impairment loss
decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is
increased to the extent that the new carrying amount does not exceed the amortised cost had no impairment been
recognised in prior periods.
Financial liabilities
Financial liabilities are classified as other financial liabilities which comprise trade and other payables, patents deposits and
finance lease payable (excluding Patent Cooperation Treaty advances, other advances, provision for reinstatement costs
and provision for unconsumed leave).
Other financial liabilities
Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial
year which are unpaid. They are classified as current liabilities.
Trade and other are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest.
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or
expired. The difference between the carrying amount and the consideration paid is recognised in profit and loss.
2.8 Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances and deposits with the Accountant-General’s Department
(“AGD”). Deposits with AGD refers to cash that is managed by AGD under Cash Liquidity Management (“CLM”) as set out
in the Accountant-General’s Circular No. 4/2009 Centralised Liquidity Management for Statutory Boards and Ministries.
2.9 Financial instruments
Financial assets
Classification
The Group classifies its financial assets as loans and receivables. The classification depends on the nature of the asset and
the purpose for which the assets were acquired. Management determines the classification of its financial assets at initial
recognition.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. They are presented as current assets. Loans and receivables are presented as “trade receivables” (exclude
accrued revenue), “other receivables” (exclude prepayment and deferred expenses), and “cash and cash equivalents” on
the statements of financial position.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade date — the date on which the Group commits
to purchase or sell the asset.
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have
been transferred and the Group has transferred substantially all risks and rewards of ownership. On disposal of a financial
asset, the difference between the carrying amount and the sale proceeds is recognised in profit or loss. Any amount in other
comprehensive income relating to that asset is reclassified to profit or loss.
72
Impairment
73
2.9 Financial instruments (Continued)
2.11 Plant and equipment (Continued)
Equity instruments
Subsequent expenditure
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its
liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. The Office classifies capital
account as equity instruments.
Subsequent expenditure relating to plant and equipment that has already been recognised is added to the carrying amount
of the asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. All other repair and maintenance expenses are recognised in profit or loss when incurred.
Ordinary shares issued are classified as equity and are valued at the considerations received for the issuance of the shares.
Disposal
Equity injected by the Government for project funding, which is subject to the Capital Management Framework for Statutory
Boards, is recognised in the financial year ended 31 March 2015 and 31 March 2014 when the Office’s parent Ministry,
Ministry of Law approves the claims for reimbursement of project expenditure.
2.10 Intangible assets
Computer software
Computer software comprises software purchased and developed by third parties.
Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. These costs are
amortised to profit or loss using the straight-line method over their estimated useful lives of 3 to 5 years.
Subsequent expenditure on capitalised intangible assets is added to the carrying value only when it increases the future
economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss
when incurred.
2.11 Plant and equipment
Measurement
All items of plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated
depreciation and accumulated impairment losses (“carrying amount”).
The cost of an item of plant and equipment initially recognised includes its purchase price and any cost that is directly
attributable to bringing the asset to the location and condition necessary for it to be capable. Dismantlement, removal
or restoration costs are included as part of the cost if the obligation for dismantlement, removal or restoration is incurred as
a consequence of acquiring or using the plant and equipment.
Depreciation
Depreciation on plant and equipment (except works-in-progress) is calculated using the straight-line method to allocate
their depreciable amounts over their estimated useful lives as follows:
Useful lives
Office equipment, furniture and fittings
3 to 8 years
Computer equipment
2 to 5 years
No depreciation is charged on assets under work-in-progress.
Low value assets costing less than $2,000 are fully depreciated in the month of purchase.
The residual values, estimated useful lives and depreciation method of plant and equipment are reviewed, and adjusted as
appropriate, at the end of each financial year. The effects of any revision are recognised in profit or loss when the changes arise.
74
On disposal of an item of plant and equipment, the difference between the disposal proceeds and its carrying amount is
recognised in profit or loss.
Impairment
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate
that the carrying value may not be recoverable.
Fully depreciated assets are retained in the financial statements until they are no longer in use.
2.12 Impairment of non-financial assets
At the end of each financial year, the Group reviews the carrying amounts of its non-financial assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to
estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating
unit to which the asset belongs.
The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in
use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying
amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised
immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is
treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to
the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried
at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.13 Foreign currency transactions
In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional
currency are recorded at the rate of exchange prevailing on the date of the transaction. At the end of each financial year,
monetary items denominated in foreign currencies are retranslated at the rates prevailing as of the end of the financial year.
Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing
on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a
foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in
profit or loss for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are
included in profit or loss for the period except for differences arising on the retranslation of non-monetary items in respect of
which gains and losses are recognised directly in equity. For such non-monetary items, any exchange component of that
gain or loss is also recognised directly in equity.
75
3. Critical accounting estimates, assumptions and judgements (Continued)
2.14Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past events, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable
estimate of the amount can be made.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the financial year,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are discussed below.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at
the end of the financial year, taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those
cash flows.
(i) Allowance for trade and other receivables
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the
receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the
receivable can be measured reliably.
The Group reviews the provisions annually. If in their opinion, the provision is inadequate or excessive, due adjustment is made.
2.15 Contribution to consolidated fund
2.16Dividends
The Office is required to make contribution to the Government Consolidated Fund in accordance with the Statutory Corporations
(Contribution to Consolidated Fund) Act, Chapter 319A and Finance Circular M5/2005. It is computed based on the accounting
surplus of the Office for each of the financial year at the prevailing corporate tax rate for the year of assessment. Contribution
to consolidated fund is provided for on an accrual basis.
Dividends proposed by the Office are not accounted for in capital and reserves as an appropriation of accumulated surplus,
until they have been declared by the Office. When these dividends have been declared and approved by the Office, they are
recognised as a liability.
2.17 Funds held on behalf of others
Funds held on behalf of others such as the Patent Agent Manpower Capability and Development Fund (“PAMCDF”) are set up
to account for monies held in trust for external parties.
These funds are maintained separately from the Group’s financial statements.
3. Critical accounting estimates, assumptions and judgements
In the application of the Group’s accounting policies, which are described in Note 2, management made judgements, estimates
and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources. The estimates
and associated assumptions were based on historical experience and other factors that were considered to be reasonable under
the circumstances. Actual results may differ from these estimates.
These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
3.1 Critical judgements in applying the Group’s accounting policies
76
In the process of applying the Group’s accounting policies, the management is of the opinion that there are no critical
judgements (other than those involving estimates) involved that have a significant effect on the amounts recognised in the
financial statements.
3.2 Key sources of estimation uncertainty
The management establishes allowance for trade and other receivables on a case-by-case basis when they believe that
payment of amounts owed is unlikely to occur. In establishing these allowances, the management considers its historical
experience and changes to its customers’ financial position. If the financial conditions of customers were to deteriorate,
resulting in impairment of their ability to make the required payments, additional allowances may be required. The carrying
amount of the Group’s and the Office’s trade and other receivables (excluding accrued revenue, deferred expenses and
prepayment) as at 31 March 2015 amounted to $1,509,662 (2014: $2,005,628) and $1,398,248 (2014: $1,577,296)
respectively.
(ii) Depreciation of plant and equipment
The Group depreciates the plant and equipment, using the straight-line method, over their estimated useful lives after
taking into account of their estimated residual values. The estimated useful life reflects management’s estimate of the
period that the Group intends to derive future economic benefits from the use of the Group’s plant and equipment. The
residual value reflects management’s estimated amount that the Group would currently obtain from the disposal of the
asset, after deducting the estimated costs of disposal, as if the asset were already of the age and in the condition
expected at the end of its useful life. Changes in the expected level of usage and technological developments could
affect the economic useful life and the residual values of these assets which could then consequentially impact future
depreciation charges. The carrying amounts of the Group’s and the Office’s plant and equipment at 31 March 2015
were $1,973,693 (2014: $2,590,828) and $1,584,481 (2014: $2,112,158) respectively.
(iii) Amortisation of intangible assets
The Group amortises the intangible assets, using the straight-line method, over their estimated useful lives after taking
into account of their estimated residual values. The estimated useful life reflects management’s estimate of the period
that the Group intends to derive future economic benefits from the use of the Group’s intangible assets. The residual
value reflects management’s estimated amount that the Group would currently obtain from the disposal of the asset,
after deducting the estimated costs of disposal, as if the asset were already of the age and in the condition expected at
the end of its useful life. Changes in the expected level of usage and technological developments could affect the
economic useful life and the residual values of these assets which could then consequentially impact future amortisation
charges. The carrying amounts of the Group’s and the Office’s intangible assets at 31 March 2015 were $10,366,315
(2014: $2,955,487) and $10,364,253 (2014: $2,951,175) respectively.
4. Registration fees
Group and Office
2015
2014
$
$
(Restated)
Trademarks
– local
10,990,580 10,347,066
– international
7,844,968 7,387,275
Patents – local
21,180,502 19,810,935
Designs
– local
634,968
774,517
– international
46,727
60,106
Patent agent
62,930
62,970
Others
6,472
3,200
40,767,147 38,446,069
77
5. Employee benefit expenses
GroupOffice
2015 2014
2015
2014
$
$
$
$
Wages and salaries
26,241,866 19,200,435
23,130,428 17,212,769
Employers’ contribution to
defined contribution scheme
3,205,618 2,267,593
2,888,229 2,027,146
29,447,48421,468,028
26,018,657 19,239,915
Staff welfare
406,160
270,757
331,688
254,228
Staff training
525,147
33,602
487,832
375,545
Other staff expense
1,791,095
451,000
1,822,000
451,000
32,169,88622,223,387
28,660,177 20,320,688
9. Provision for Contribution to Consolidated Fund
Balance at the beginning of the financial year
Amount paid during the financial year
Contribution during the financial year
2,011,831 2,121,918
(2,011,831) (2,121,918)
1,310,849 2,011,831
Balance at the end of the financial year
1,310,849 2,011,831
This represents the contribution to be made to the Government Consolidated Fund in accordance with Section 8 of the Statutory
Corporations (Contribution to Consolidated Fund) Act, Chapter 319A and Finance Circular Minute M5/2005. The amount to be
contributed is based on 17% (2014: 17%) of the accounting surplus of the Office.
Wages and salaries include directors’ fee of $94,685 (2014: $94,392) and $78,750 (2014: $83,142) paid by the Group and Office
during the year respectively.
Group and Company
2015
2014
$
$
10. Income tax expense
6. General and administrative expenses
GroupOffice
2015 2014
2015
2014
$
$
$
$
Net foreign exchange loss
48,454
69,431
48,454
69,270
Professional services
1,033,175 1,525,728
2,290,297 1,525,728
Event services
1,392,012 1,185,636
1,392,012 1,185,636
Storage charges
247,310
245,241
247,310
245,241
Irrecoverable Goods and Service Tax
1,401,592
902,343
1,339,594
873,709
Telecommunication expenses
540,595
444,761
535,122
433,983
Conference and workshop expenses
559,712
491,399
559,712
491,399
Sundry supplies expenses
335,376
343,753
285,424
314,884
Other expenses
2,292,863 1,926,038
819,815
533,287
7,851,0897,134,330
7,517,740 5,673,137
7. Interest income
Group and Office
2015
2014
$
$
Interest income
988,178
479,455
The subsidiary companies of the Office are subject to tax under Singapore income tax legislation.
(a) Current tax expense
Group
2015
2014
$
$
Current income tax expense
-
The tax expense on profit differs from the amount that would arise using the Singapore standard rate of income tax due to
the following:
Group
2015
2014
$
$
(Restated)
Surplus Contribution to Consolidated Fund and taxation
7,829,677 10,945,675
Tax calculated at tax rate of 17% (2014: 17%)
(1,331,045) (1,860,765)
Income tax expense on grants received and receivable
(1,088,418)
242,819
Income not subject to tax
2,419,463 1,617,946
Interest income from deposits with Accountant General Department (“AGD”) amounted to $988,067 (2014: $446,021).
Total income tax expense
8. Deferred capital grants - Government
GroupOffice
2015 2014
2015
$
$
$
Balance at the beginning of the financial year
458,885
84,087
55,257
Add: government grants received
-
461,771
-
Less: amortisation of deferred capital grants (263,043)
(86,973)
(28,830)
Balance at the end of the financial year
195,842
458,885
26,427
Presented in the statements of financial position as:
Current portion
195,842
432,458
26,427
Non-current portion
-
26,427
-
195,842458,885
26,427
The subsidiary companies of the Office are subject to tax under Singapore income tax legislation. (Continued)
78
2014
$
84,087
(28,830)
55,257
-
-
(b) Movement in current tax liabilities Group
2015
2014
$
$
Beginning of financial year
33
56,600
Income tax paid
-
(56,567)
End of financial year
33
33
28,830
26,427
55,257
79
11. Share capital
Beginning of the financial year
Addition during the financial year
End of the financial year
13. Trade receivables (Continued)
Group and Office
2015 2014
$
$
614,377
285,606
238,776
328,771
853,153
614,377
Group and Office
2015
2014
$
$
614,377
285,606
238,776
328,771
853,153
614,377
In November 2008, the Ministry of Finance implemented the Capital Management Framework which aims to sensitize Statutory
Boards to the opportunity cost of capital utilised by the Statutory Boards to perform their functions. In the current financial year, a
further equity of $238,776 (2014: $328,771) was injected to fund the establishment of the Patent Search and Examination Unit.
The holder of these shares is entitled to receive dividends as and when declared by the Office. All issued shares are fully paid. The
shares carry neither voting rights nor par value.
12. Cash and cash equivalents
Group
Office
2015 2014
2015
2014
$
$
$
$
Deposits with Accountant
General Department (“AGD”)
104,659,354
104,540,469
104,659,354
104,540,469
Cash and bank balances
3,419,589
1,763,747
541,935
642,722
Fixed deposits with financial institutions
1,385,578 -
1,385,578
109,464,521 106,304,216 106,586,867 105,183,191
The interest rate of deposits with AGD, defined as the ratio of the interest earned to the average cash balance is 0.96%
(2014: 0.49%) per annum.
The fixed deposits with financial institutions bear interest ranging from 0.13% to 0.14% per annum and for a tenure of approximately
2 to 11 days.
Cash and cash equivalents are denominated in the following currencies:
Euro Singapore dollar
13. Trade receivables
Trade receivables – third parties
Amount due from related parties
Accrued revenue
Group
Office
2015 2014
$
$
1,385,578
-
108,078,943
106,304,216
109,464,521 106,304,216
2015
2014
$
$
1,385,578
105,201,289
105,183,191
106,586,867 105,183,191
Group
2015 2014
$
$
28,297
43,184
83,639
560,708
860,690
842,969
972,626
1,446,861
Office
2015
2014
$
$
-
40,482
30,000
548,706
860,690
842,969
890,690
1,432,157
The average credit period on rendering of services is 30 days (2014:30 days).
Amount due from related parties are unsecured, non-interest bearing and repayable on demand.
80
Information on the credit risk profile for trade receivables based on profile of type of customers and ageing analysis provided to
key management are as follows:
The ageing analysis of the Group and the Office’s trade receivables at the reporting date is as follows:
Not past due
Past due 0 to 30 days
More than 30 days
Group
2015 2014
$
$
924,671
1,376,464
36,166
68,828
11,789
1,569
972,626
1,446,861
Office
2015
2014
$
$
890,690
1,368,091
-
64,066
-
890,690
1,432,157
Based on historical default rates, the Group believes that no impairment allowance is necessary in respect of trade receivables
not past due or past due up to 60 days. These receivables are mainly arising by customers that have a good record with the Group.
Trade receivables are denominated in the following currencies:
Singapore dollar
Swiss franc
14. Other receivables
Deposits
Interest receivables
Deferred expenses
Amount due from subsidiaries
Amount due from related parties
Other receivables – third parties
Prepayment
Group
Office
2015 2014
$
$
141,956
707,436
830,670
739,425
972,626
1,446,861
2015
2014
$
$
60,020
692,732
830,670
739,425
890,690
1,432,157
Group
2015 2014
$
$
638,271
628,326
578,607
230,383
107,301
86,341
-
-
56,705
240,011
124,143
303,016
160,231
187,531
1,665,258
1,675,608
Office
2015
2014
$
$
380,461
401,384
578,607
230,383
-
352,604
116,191
56,437
240,011
139
139
125,598
187,531
1,493,846
1,175,639
Amount due from subsidiaries and related parties are unsecured, non-interest bearing and repayable on demand.
Other receivables are denominated in Singapore dollar.
15. Grant receivable/received in advance
Beginning of the financial year
Received/receivable during the year
Transfer to equity
Transfer to statement of
comprehensive income
End of the financial year
Group
2015 2014
$
$
5,884,218
933,050
9,344,930
14,710,292
(238,776)
(328,771)
Office
2015
2014
$
$
3,745,989
(66,950)
7,152,791
10,912,498
(238,776)
(328,771)
(13,969,094)
(9,430,353)
(11,177,325)
(6,770,788)
1,021,278
5,884,218
(517,321)
3,745,989
81
15. Grant receivable/received in advance (Continued)
17. Plant and equipment (Continued)
Office equipment, Computer Assets under
furniture and fittings equipment work-in-progress
Total
2014
$
$
$
$
Cost
3,446,082
2,907,043
49,721
6,402,846
Reclassification
334,750
-
(334,750)
Additions
549,662
48,266
828,452
1,426,380
Disposal
(1,500)
-
-
(1,500)
Written off
(359,351)
(66,635)
-
(425,986)
3,969,643
2,888,674
543,423
7,401,740
Accumulated depreciation
1,889,326
2,458,586
-
4,347,912
Depreciation for the financial year
543,732
156,050
-
699,782
Disposal
(700)
-
-
(700)
Written off
(169,447)
(66,635)
-
(236,082)
2,262,911
2,548,001
-
4,810,912
Net Book Value
1,706,732 340,673 543,4232,590,828
Presented in the statements of financial position as:
Grants receivable
Grants received in advance
GroupOffice
2015 2014
$
$
517,321
-
1,538,599
5,884,218
16. Intangible assets
Group
2015 2014
$
$
Cost
Balance at 1 April
23,275,937
22,745,535
Additions
8,387,530
534,552
Written off
(19,812,211)
(4,150)
2015
2014
$
$
517,321
-
3,745,989
Office
2015
$
23,177,498
8,387,530
(19,812,211)
2014
$
22,647,446
530,052
-
Balance at 31 March
11,851,256
23,275,937
11,752,817
Accumulated amortisation:
Balance at 1 April
20,320,450
20,155,426 20,226,323
Amortisation for the financial year
856,747
169,174 854,497
Written off
(19,692,256)
(4,150)
(19,692,256)
23,177,498
Balance at 31 March
1,484,941
20,320,450
1,388,564
Net carrying amount
Balance at 31 March
10,366,315 2,955,487 10,364,253
20,226,323
Average remaining useful life
2 years
Less than 1 year
2 years
20,057,337
168,986
-
2,951,175
Less than 1 year
17. Plant and equipment
Office equipment, Computer Assets under
furniture and fittings equipment work-in-progress
Total
Group
$
$
$
$
2015
Cost
3,969,643 2,888,674
543,423 7,401,740
Reclassification
543,423
-
(543,423)
Additions
127,622125,312
108,882
361,816
Disposal
(29,700)
-
-
(29,700)
Written off
(71,110)
(6,753)
-
(77,863)
4,539,8783,007,233
2,262,911
2,548,001
739,948
167,893
Disposal
(29,700)
-
Written off
-
(6,753)
108,882
-
-
-
-
7,655,993
4,810,912
907,841
(29,700)
(6,753)
2,973,159
2,709,141
-
5,682,300
Net Book Value
1,566,719 298,092 108,8821,973,693
82
Office
2015
Cost
3,381,503
2,755,564
543,423
6,680,490
Reclassification
543,423
-
(543,423)
Additions
54,601
118,614
-
173,215
Written off
(64,959)
(6,753)
-
(71,712)
3,914,568
2,867,425
-
6,781,993
2,135,242
2,433,090
-
4,568,332
482,831
153,102
-
635,933
Written off
-
(6,753)
-
(6,753)
2,618,073
2,579,439
-
5,197,512
Net Book Value
1,296,495 287,986
-1,584,481
2014
Cost
3,072,780
2,732,414
Additions
16,752
23,150
Reclassification
334,750
-
Written off
(42,779)
-
3,381,503
2,755,564
1,757,874
2,283,958
399,116
149,132
Written off
(21,748)
-
49,721
828,452
(334,750)
-
5,854,915
868,354
(42,779)
543,423
6,680,490
-
-
-
4,041,832
548,248
(21,748)
2,135,242
2,433,090
-
4,568,332
Net Book Value
1,246,261 322,474 543,4232,112,158
83
17. Plant and equipment (Continued)
As at the end of the reporting period, the net carrying amount of computer equipment which was acquired under finance lease
agreements were as follows:
Group and Office
2015
2014
$
$
Computer equipment
188,896
289,897
19. Trade payables
18. Investment in subsidiaries
Office
2015
2014
$
$
Unquoted equity shares at cost
4
2
Details of the subsidiaries are as follows:
Name of companies (CountryEffective equity
of incorporation and principalinterest held by
place of business)
Principal activities the Group
2015
2014
%
%
IP Academy (a) (Singapore)
Company to promote education and 100
100
research in the field of intellectual property
IPOS International Pte. Ltd. (b)
Company to market and export IPOS products and
(Singapore) services to foreign entities and businesses, and to
engage in activities and collaborative arrangement
with strategic partners to support Singapore and/or IPOS
100
100
100
-
IP Valuelab Pte. Ltd. (c)
Company to develop IP management, IP valuation (Singapore) standards and services and catalyse IP Financing scheme
A private company limited by guarantee. Under Clause 12 of IP Academy’s Memorandum of Association, each of the
member of the Company undertakes to contribute a sum not exceeding $1 to the asset of the Company in the event of it
being wound up. The number of members at the date of the reporting period is 5 (2014: 4). The financial statements for the
financial year ended 31 March 2015 are audited by BDO LLP. The financial statements for the financial year ended 31 March
2014 was audited by RSM Chio Lim LLP.
(b)
A private limited company incorporated on 28 February 2014. The financial statements for the period from 28 February
2014 to 31 March 2015 are audited by BDO LLP.
(c)
A private limited company incorporated on 25 July 2014. IPOS subscribed to 2 ordinary shares of $1 each at the date of
incorporated of IP Valuelab Pte. Ltd. The financial statements for the period from 25 July 2014 to 31 March 2015 are audited
by BDO LLP.
(a)
84
Trade payables – third parties
Amount due to related parties
Group
2015 2014
$
$
6,059,970
3,556,802
420,795
576,583
Office
2015
2014
$
$
5,679,907
2,780,496
420,795
576,583
6,480,765
6,100,702
4,133,385
3,357,079
The average credit period on purchases is 30 days (2014: 30 days). No interest is charged on the outstanding trade payables.
Trade payables are denominated in the following currencies:
GroupOffice
2015 2014
2015
2014
$
$
$
$
Euro
2,807,785
14,821
2,807,785
14,821
United States dollar
31,114
17,569
31,114
17,569
Singapore dollar
3,641,866
4,100,995
3,261,803
3,324,689
6,480,765
4,133,385
6,100,702
3,357,079
Amount due to related parties is unsecured, non-interest bearing and repayable on demand.
20. Other payables
Accrued expenses
Patent Cooperation Treaty advances
Provision for reinstatement costs
Provision for unconsumed leave
Other payables and advances
Amount due to subsidiaries
Amount due to related parties
GroupOffice
2015 2014
2015
2014
$
$
$
$
11,450,287
3,883,264
10,547,697
2,782,871
18,516
261,151
18,516
261,151
426,500
450,000
353,500
450,000
858,293
724,713
844,791
715,449
50,045
1,260
49,510
1,260
-
-
441,696
2,623,161
483,254
1,494,208
483,254
1,494,208
13,286,895
6,814,596
12,738,964
Amount due to subsidiaries and related parties are unsecured, non-interest bearing and repayable on demand.
Other payables are denominated in Singapore dollar.
2015
Balance at beginning of the year
Provisions made
Provisions reversed
Balance at end of the year
8,328,100
GroupOffice
Provision for Provision for
Provision for
Provision for
unconsumedreinstatement unconsumed reinstatement
leave
Cost
leave
Cost
$$ $ $
724,713
450,000
715,449
450,000
858,293
73,000
844,791
(724,713)
(96,500)
(715,449)
(96,500)
858,293
426,500
844,791
353,500
85
20. Other payables (Continued)
2014
Provisions made
Provisions reversed
21. Deferred revenue (Continued)
Group
Office
2015 2014
2015
2014
$
$
$
$
Presented in the statement of financial position as:
Current portion
3,392,455
3,109,803
3,153,141
2,862,103
Non-current portion
15,813,150
14,323,935
15,813,150
14,323,935
19,205,605
17,433,738
18,966,291
17,186,038
GroupOffice
Provision for Provision for
Provision for
Provision for
unconsumedreinstatement unconsumed reinstatement
leave
Cost
leave
Cost
$$ $ $
511,965
450,000
507,023
450,000
724,713
-
715,449
(511,965)
-
(507,023)
-
724,713
450,000
715,449
The provision for reinstatement costs are the estimated costs of dismantlement, removal or restoration of office premises arising
from the acquisition or use of assets, which are capitalised and included in the cost of plant and equipment.
21. Deferred revenue
Group
Operating
government
Course
Renewal fees
grant
fees
$
$
$ $
2015
17,186,038
113,874
133,826
Additions during the financial year
4,859,392
423,007
552,614
Revenue recognised/grant amortised
during the financial year
(3,079,139)
(419,428)
(564,579)
18,966,291
117,453
121,861
2014
15,725,097
111,210
96,705
4,287,448
113,874
510,867
Revenue recognised/grant amortised
during the financial year
(2,826,507)
(111,210)
(473,746)
17,186,038
113,874
133,826
450,000
Total
In prior year, grant payable referred to the operating grant funding by the Office to its subsidiary, IP Academy (“IPA”). The operating
grant aimed to assist IPA in its development plans to be the premier IP training center in the region so that it could set regional
footprints and build up Singapore’s position as an IP hub of Asia. It also provided a better alignment of the Office with IPA, to set
new directions in boosting Singapore as an IP hub in the areas of IP education, training, research, and thought-leadership.
23. Patent deposits
(4,063,146)
19,205,605
15,933,012
4,912,189
(3,411,463)
17,433,738
Renewal fees and operating government grant of the Group were restated for the year ended 31 March 2014 (See Note 31 for details).
17,433,738
5,835,013
Office
Renewal fees
2015
2014
$
$
(Restated)
17,186,038
15,725,097
4,859,392
4,287,448
Revenue recognised during the financial year
(3,079,139)
(2,826,507)
18,966,291
17,186,038
86
22. Operating grant/Grant payable
Operating grant was funded by the Office to create and run IPOS International Pte. Ltd. (“IPOS- I”) for three years from January
2014. IPOS-I is seeking first round funding for the amount $5 million cumulatively for the first three years of operations. The
funding will be used for staffing and retainer fees, marketing and foreign travel as well as hosting of local events and strategic
initiative to establish Singapore as a regional intellectual property hub.
Patent deposits are received for patent search and examination conducted by international search authorities. Upon completion
of the search and examination, it will be paid to the respective international patent offices.
24. Finance lease payable
Group and Office
Present value of
Minimum lease payments Minimum lease payments
2015 2014
2015
2014
$
$
$
$
Amount payable under finance lease:
Within one year
5,039 70,371
4,962
69,221
In the second to fifth year inclusive
-
-
-
5,039 70,371
4,962
69,221
Less: Future finance charge
(77)
(1,150)
-
Present value of lease obligations
4,962 69,221
4,962
69,221
Less: Amount due for settlement within 12 months (shown under current liabilities)
(4,962)
(69,221)
Amount due for settlement after 12 months
-
-
87
24. Finance lease payable (Continued)
26. Significant related party transactions (Continued)
The Group has taken up finance leases for the computer equipment with a lease terms of 3 years. For the year ended 31 March
2015, the effective borrowing rate was 1.55% (2014: 1.55%) per annum. The Group’s exposure to fair value interest rate risk is
minimal due to its immateriality. All leases are on fixed repayment basis and no arrangements have been entered into for contingent
rental payments.
The carrying amount of the Group and Office’s lease obligations approximates its fair value.
The subsidiaries do not have any asset under finance lease arrangement.
25.Dividends
On 17 November 2014, the Board approved a dividend of $384,000 to the Ministry of Finance. The source of this dividend is the
surplus after income tax and Contribution to Consolidated Fund, for the financial year ended 31 March 2014.
26. Significant related party transactions
A related party is defined as follows:
(a) A person or a close member of that person’s family is related to the Group and the Office if that person:
(i) Has control or joint control over the Office;
(ii) Has significant influence over the Office; or
(iii) Is a member of the key management personnel of the Office or of a parent of the Office.
(b) An entity is related to the Group and the Office if any of the following conditions apply:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
The entity and the Office are members of the same group (which means that each parent, subsidiary and fellow subsidiary
is related to the others);
One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of
which the other entity is a member);
Both entities are joint ventures of the same third party;
One entity is a joint venture of a third entity and the other entity is an associate of the third entity;
The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to
the Office. If the Office is itself such a plan, the sponsoring employers are also related to the Office;
The entity is controlled or jointly controlled by a person identified in (a);
A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of
the entity (or of a parent of the entity).
During the financial year, in addition to the information disclosed elsewhere in these financial statements, the Office has entered
into the following transactions with related parties at rates and terms agreed between the parties:
Group
Office
2015 2014
2015
2014
$
$
$
$
Ministries and Statutory Boards - Operating grants received from government
9,106,154
14,381,521
6,900,171
10,583,727
- Contributions to Consolidated Fund
1,310,849
2,011,831
1,310,849
2,011,831
- Equity injection
238,776
328,771
238,776
328,771
88
During the financial year, in addition to the information disclosed elsewhere in these financial statements, the Office has entered
into the following transactions with related parties at rates and terms agreed between the parties (continued):
Group
Office
2015 2014
2015
2014
$
$
$
$
Subsidiaries
Purchases of goods and/or services
- Training course
-
- 133,290363,676
- Course development
-
-
-249,510
- Research
-
-
-90,000
Sales of goods or services
-
-
-
67,930
Salaries of seconded staff
-
-
1,967,018
761,566
Renovation paid
-
-
646,625
20,367
Rental deposit paid
-
-
107,306
236,707
Consultancy services
-
-
174,000
Training fees
-
-
1,024,380
597,413
Rental and utilities
-
-
520,245
156,326
Development grant expense
-
-
558,198
461,832
Compensation of key management personnel
The remuneration of members of key management during the year was as follows:
Short-term employee benefits
Post-employment benefits
GroupOffice
2015 2014
2015
2014
$
$
$
$
2,273,641
2,081,009
1,960,504
1,853,360
83,083
75,042
71,170
66,502
2,356,724
2,156,051
2,031,674
1,919,862
Key management refers to employees designated as Group Directors and above who have the authority and responsibility for
planning, directing and controlling the activities of the Office.
There is a change in comparative figures for remuneration of key management personnel to reflect change in definition of key
management.
27. Capital commitments
As at the end of the financial year, commitment in respect of capital expenditure is as follows:
Capital expenditure contracted but not provided for - Intangible assets
- Plant and equipment
Group and Office
2015
2014
$
$
966,706
292,390
1,259,096
7,323,849
7,323,849
89
28. Operating lease commitments
30. Financial Instruments, financial risks and capital risks management (continued)
As lessees
At the end of the financial year, commitments in respect of non-cancellable operating leases in respect of office premises is as follows:
GroupOffice
2015 2014
2015
2014
$
$
$
$
Financial liabilities
Trade payables
6,480,765
4,133,385
6,100,702
3,357,079
Other payables
13,286,895
6,814,596
12,738,964
8,328,100
Patent deposits
10,308,381
11,912,894
10,308,381
11,912,894
4,962
69,221
4,962
69,221
30,081,003
22,930,096
29,153,009
23,667,294
Less:
Patent Cooperation Treaty advances
(18,516)
(261,151)
(18,516)
(261,151)
Advances
(49,510)
(1,260)
(49,510)
(1,260)
Provision for reinstatement costs
(462,500)
(450,000)
(353,500)
(450,000)
Provision for unconsumed leave
(858,293)
(724,713)
(844,791)
(715,449)
(1,388,819)
(1,437,124)
(1,266,317)
(1,427,860)
Within one year
In the second to fifth year inclusive
Group
2015 2014
$
$
3,631,859
3,392,993
9,676,814
1,696,496
13,308,673
5,089,489
11,660,061
4,445,652
Operating lease payments represent rental payable by the Office for office premises. Leases are negotiated for an average of three
years (2014: six years) and rentals are fixed for the duration of the leases.
29. Funds held on behalf of others
Patent Agent Manpower Capability Development Fund
Office
2015
2014
$
$
3,178,247
2,963,768
8,481,814
1,481,884
Group and Office
2015
2014
$
$
5,474
5,474
These funds refer to the Patent Agent Manpower Capability Development Fund which is a funding arrangement between the
Office and Ministry of Law, and are maintained separately from the Group’s financial statements. This project seeks to develop
Singapore’s manpower capability in patent agent services by developing an advanced patent drafting course and implementing a
co-funding scheme to support experienced foreign patent agents for two-year stints to provide mentorship and training for patent
agent trainees in Singapore. The aim of these efforts is to eventually build up a pool of specialist patent agents which could serve
not just the Singapore market but also regional markets.
30. Financial Instruments, financial risks and capital risks management
Management Categories of financial instruments
The following table sets out the financial instruments as at the end of the reporting period:
Group
Office
2015 2014
2015
2014
$
$
$
$
Financial assets
Cash and cash equivalent 109,464,521
106,304,216
106,586,867
105,183,191
Trade receivables
972,626
1,446,861
890,690
1,432,157
Other receivables
1,665,258
1,675,608
1,493,846
1,175,639
112,102,405
109,426,685
Less:
Prepayment
(160,231)
(187,531)
Accrued revenue
(860,690)
(842,969)
Deferred expenses
(107,301)
(86,341)
90
(1,128,222)
110,974,183
(1,116,841)
108,309,844
108,971,403 (125,598)
(860,690)
- (986,288)
107,985,115
107,790,987
(187,531)
(842,969)
(1,030,500)
Other financial liabilities at amortised cost
28,692,184
21,492,972
27,886,692
22,239,434
Credit risk
Credit risk refers to the risk that the counterparties will default on its contractual obligations resulting in a financial loss. The
carrying amount of trade and other receivables represent the Group’s and the Office’s maximum exposure to credit risk.
At the end of the reporting period, the Group has trade and other receivables due from government bodies which accounts for
approximately 5% (2014: 26%) of the trade receivables balance. However, no significant credit risk is expected to arise. The
maximum exposure to credit risk in the event that the counterparties fail to perform their obligations as at the end of financial year
in relation to each class of recognised financial assets is the carrying amount of those assets as stated in the statement of
financial position.
Cash and fixed deposits are placed with banks and financial institutions which are regulated. The Office entered into a cash
pooling arrangement with a government body under a Centralised Liquidity Management scheme (Note 12). The Office is of the
view that the credit risk arising is minimal as the counterparty is a government body. The summary of significant accounting
policies of cash and cash equivalents are described in Note 2.8.
The deposits with Accountant-General’s Department (“AGD”) under Centralised Liquidity Management are placed with high credit
quality financial institutions and are available upon request.
Liquidity risk
The Group monitors its liquidity risk and maintains a level of cash and bank balances deemed adequate by management to
finance the Group’s operations and mitigate the effects of fluctuations in cash flows. The Office’s funds are placed in bank
deposits and a government body which have high liquidity.
The Group’s financial assets and financial liabilities are due within 1 year.
Risk management is integral to the business of the Group. The Group has a system of control in place to create an acceptable
balance between the cost of risks occurring and the cost of managing the risks. The management continually monitors the
Group’s risk management process to ensure that an appropriate balance between risk and control is achieved.
106,760,487
91
Market risk
Fair value of financial assets and financial liabilities
Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates will affect the Office’s
income or the value of its holdings of financial instruments.
The carrying amounts of cash and cash equivalents, trade and other receivables and payables and other liabilities approximate
their respective fair values due to the relatively short-term maturity of these financial instruments.
The Group actively manages the market risk by placing deposits with AGD under Centralised Liquidity Management.
Capital risk management policies and objectives
The Group is exposed to interest rate risk through the impact of rate changes mainly from investments in fixed deposits. Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest
rates. The interest rate for deposits with AGD and financial institutions are based on deposit rates determined by the AGD and
financial institutions with which the cash are deposited and are expected to move in tandem with market interest rate movements.
The capital structure of the Group consists of share capital and accumulated surplus. The Group’s policy is to maintain a strong
capital base so as to maintain shareholder, creditors and market confidence and to sustain future development of the business.
The Group’s approach to capital management remains unchanged from 2014.
No sensitivity analysis is prepared as the Group does not expect any material effect on the Group’s profit or loss arising from the
effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.
Foreign exchange risk
Interest rate risk
31.1a
The protection period for the renewal of trademark international applications is 10 years. In the previous financial years,
the Office had erroneously recognised the renewal fees of trademark international protection as income at the point of receipt
of the application instead of recognising them over the extended protection period of 10 years on a straight-line basis.
The foreign exchange risk arises mainly from collections for international trademark and design applications through the World
Intellectual Property Office and payments for search and examination by international search authorities.
Management had rectified the error and restated the comparative figures by increasing the Office’s deferred revenue
by $4,315,025 (current: $647,457; non-current: $3,667,568) and $3,474,457 (current: $507,007; non-current:
$2,967,450) for the financial years ended 31 March 2014 and 31 March 2013 respectively.
The following table represents the Group’s major currency exposure as at the end of the reporting period, expressed in Singapore
dollars equivalent.
As a result, the accumulated surplus of the Office for financial year ended 31 March 2014 decreased by $4,315,025 with
$3,474,457 being brought forward from financial year ended 31 March 2013.
31.1b
Resulting from the error, registration fee income of the Group and the Office for the financial year ended 31 March 2014
had been restated and reduced by $840,568, which should be recognised over the remaining protection period.
31.2 One of the Group’s subsidiaries had erroneously recorded the full subvention income in the financial year ended 31
March 2014 and 31 March 2013 instead of deferring the portion related to the course that was conducted subsequent
to the relevant financial year end. Adjustments amounting to $113,874 and $111,210 were made to increase the
carrying amounts of deferred revenue as at 31 March 2014 and 31 March 2013 respectively. The accumulated surplus
amounts as at 31 March 2014 and 31 March 2013 have also been restated by the same amounts respectively.
As a result, other fees and charges for financial year ended 31 March 2014 had been restated and reduced by $2,664
which represented the net impact of the above adjustments.
31.3
In the previous financial year, the Group and the Office had classified computer software as plant and equipment instead
of intangible assets. Accordingly, the Group and the Office have reclassified these items amounting to $2,955,487
(2013: $2,590,109) and $2,951,175 (2013: $2,590,109) respectively. Accordingly, for financial year ended 31 March
2014, the Group’s depreciation expense of $169,174 had been reclassified to amortisation expense. Similarly the Office’s
depreciation expense of $168,986 had been reclassified to amortisation expense.
United States
dollar
Euro
Swiss Francs
$
$
$
The Group and Office
2015
Cash and cash equivalent
-
1,385,578
Trade receivables
-
-
830,670
Trade payables
(31,114)
(2,807,785)
(31,114)
2014
Trade receivables
-
Trade payables
(17,569)
(17,569)
(1,422,207)
830,670
-
(14,821)
(14,821)
739,425
739,425
Sensitivity analysis for foreign currency risk
A 5% strengthening of Singapore dollars against the following currencies at the reporting date would increase (decrease) the
Group’s and Office’s surplus before grants and contribution to Consolidated Fund by the amounts shown below. This analysis
assumes that all other variables remain constant.
Group and Office
2015
2014
$
$
United States dollar
1,556
878
Euro
71,110
741
Swiss francs
(41,533)
(36,971)
92
31. Reclassifications and restatements
A 5% weakening of Singapore dollar against the above currencies would have had the equal but opposite effect on the above
currencies to the amounts shown above, on the basis that all other variables in particular interest rates, remain constant.
31.4
In the previous financial year, the Group and the Office had classified amortisation of deferred capital grant as operating
grant. Accordingly, the Group and the Office had reclassified this item amounting to $58,143 in the Statement of
Comprehensive Income.
31.5
In the previous financial years, the Group and the Office had classified certain other receivables as trade receivables.
Accordingly, the Group had reclassified these items amounting to $469,041 in financial year ended 31 March 2014.
For financial year ended 31 March 2014 and 2013, the Office had reclassified these items amounting to $240,150 and
$137,518 respectively. These items are considered non trade in nature as the amounts receivable are relating to
reimbursement of expenses incurred.
93
31. Reclassifications and restatements (Continued)
As
reclassified
Note
previously Reclassification
Restatement
and restated
2013
2013
2013
2013
$
$
$
$
Group
Statement of financial position
Non-current assets
Plant and equipment
31.3
4,645,043
(2,590,109)
-
2,054,934
Intangible assets
31.3
-
2,590,109
-
2,590,109
Current liabilities
Deferred revenue
31.7
2,242,061
-
618,217
2,860,278
Non-Current liabilities
Deferred revenue
31.7
10,105,284
-
2,967,450
13,072,734
Funds
Accumulated surplus
31.7
60,291,645
-
(3,585,667)
56,705,978
31.6
In the previous financial year, the Group had classified deferred capital grant as deferred revenue. Accordingly, the Group
had reclassified this item amounting to $403,628 as deferred capital grant in the Statement of Financial Position.
31.7
For the financial year ended 31 March 2014 and 2013, the deferred revenue of the Group had been restated by $4,428,899
(current: $761,331; non-current: $3,667,568) and $3,585,667 (current: $618,217; non-current: $2,967,450) respectively.
These are relating to error in recognition of renewal fees as shown in note 31.1a as well as error in recognition of Other fees
and charges as shown in note 31.2.
31.8
In the previous financial years, the Office had classified other payables as trade payables. Accordingly, for financial
year ended 31 March 2014 and 2013, the Office had reclassified these items amounting to $814,198 and $32,098
respectively. These items were considered non trade in nature as the amounts payable were related to renovation costs
and computer services.
As
As reclassified
Note
Restatement
and restated
2014
2014
2014
2014
$ $ $$
Group
Statement of
Operating income
Registration fees
31.1b
39,286,637
-
(840,568)
38,446,069
Other fees and charges
31.2
1,206,181
-
(2,664)
1,203,517
Depreciation expense
31.3
868,956
(169,174)
-
699,782
31.3
-
169,174
-
169,174
Grants
Operating grants
31.4
9,488,496
(58,143)
-
9,430,353
Deferred grants amortised – Government
31.4
28,830
58,143
-
86,973
Current assets
Trade receivables
31.5
1,915,902
(469,041)
-
Other receivables
31.5
1,206,567
469,041
-
Non-current assets
Plant and equipment
31.3
5,546,315
(2,955,487)
-
Intangible assets
31.3
-
2,955,487
-
Current liabilities
Deferred revenue
31.6, 31.7
2,752,100
(403,628)
761,331
- Government
31.6
28,830
403,628
-
Deferred revenue
31.7
10,656,367
-
3,667,568
Funds
Accumulated surplus
31.7
70,068,721
-
(4,428,899)
94
1,446,861
1,675,608
2,590,828
2,955,487
3,109,803
432,458
14,323,935
65,639,822
As
As reclassified
Note
Restatement
and restated
2014
2014
2014
2014
$
$
$
$
Office
Statement of
Operating income
Registration fees
31.1b
39,286,637
-
(840,568)
38,446,069
Depreciation expense
31.3
717,234
(168,986)
-
548,248
31.3
-
168,986
-
168,986
Current assets
Trade receivables
31.5
1,672,307
(240,150)
-
1,432,157
Other receivables
31.5
935,489
240,150
-
1,175,639
Non-current assets
Plant and equipment
31.3
5,063,333
(2,951,175)
-
2,112,158
Intangible assets
31.3
-
2,951,175
-
2,951,175
Current liabilities
Trade payables
31.8
4,171,277
(814,198)
-
3,357,079
Other payables
31.8
7,513,902
814,198
-
8,328,100
Deferred revenue
31.1a
2,214,646
-
647,457
2,862,103
Deferred revenue
31.1a
10,656,367
-
3,667,568
14,323,935
Funds
Accumulated surplus
31.1a
69,426,729
-
(4,315,025)
65,111,704
95
As
As reclassified
Note
Restatement
and restated
2013
2013
2013
2013
$
$
$
$
Office
Current assets
Trade receivables
31.5
2,463,183
(137,518)
-
2,325,665
Other receivables
31.5
1,479,359
137,518
-
1,616,877
Non-current assets
Plant and equipment
31.3
4,403,192
(2,590,109)
-
1,813,083
Intangible assets
31.3
-
2,590,109
-
2,590,109
Current liabilities
Trade payables
31.8
3,354,958
(32,098)
-
3,322,860
Other payables
31.8
5,258,822
32,098
-
5,290,920
Current liabilities
Deferred revenue
31.1a
2,145,356
-
507,007
2,652,363
Deferred revenue
31.1a
10,105,284
-
2,967,450
13,072,734
Funds
Accumulated surplus
31.1a
59,604,265
-
(3,474,457)
56,129,808
32. Events subsequent to the reporting date
96
The Office declared a dividend of $1,000 on 3 August 2015 to the Ministry of Finance in respect of the financial year ended
31 March 2015.
97

ipos and its subsidiaries

Transcription

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