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  • Notes to the financial statements for the year ended 30 September 2014 For the purposes of preparation of these financial statements, the basis used for calculating the ratio of expenses and portfolio turnover rate as disclosed in note 11 are in accordance with the guidelines issued by the Investment Management Association of Singapore (“IMAS”) and the Code on Collective Investment Schemes respectively.

2.2 Recognition of income

Dividend income is recognised when declared, interest income is recognised on an accrual basis. Dividend and interest income are stated gross of tax credits and withholding tax respectively.

2.3 Investments

The unrealised differences between the fair value and the original cost are taken directly to the Statements of Total Return. All realised gains and losses on disposal of investments are computed on the basis of the difference between weighted average cost and selling price and are taken directly to the Statements of Total Return.

2.4 Fair value

Fair value of investment in securities is based on quoted market prices at the Statements of Financial Position date. The quoted market price used is the current bid price or the current net asset value of the underlying sub‑funds. When current bid and asking prices are unavailable or are not fair value, the price of the most recent transaction is used to fair value the investments.

2.5 Foreign currency translation

Monetary assets and liabilities in currencies other than Singapore dollars (“S$”) are translated at the exchange rates ruling at the end of the accounting period and transactions in currencies other than Singapore dollars during the period are translated at rates of exchange ruling on transaction dates. All exchange differences are accounted for through the Statements of Total Return.

2.6 Expenses of the Trust

Service and other charges which can be specifically identified to a particular sub‑fund are allocated entirely to that sub‑fund. Common charges are allocated to individual sub‑funds, in the ratio of their net asset values at the end of each quarter.

2.7 Units

All units issued by the Trust provide the investors with the right to redemption for cash at the value proportionate to the investor’s share in the Trust’s net assets at redemption date. Such instruments give rise to an equity.

2014

2013

2014

2013

2014

2013

S$

S$

S$

S$

S$

S$

3.

Income taxes

Aberdeen American Opportunities Fund

Aberdeen Asian Smaller Companies Fund

Aberdeen China Opportunities Fund

Singapore income tax Overseas income tax

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