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Goodwill
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

Note 9 – Goodwill

 

Changes in the carrying amount of goodwill were as follows:

 

   2023   2024   2024 
   SGD   SGD   USD 
Beginning of year   -    2,213,460    1,633,309 
Acquisition (Note 10)   2,213,460    -    - 
End of year   2,213,460    2,213,460    1,633,309 

 

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At June 30, 2024, the Company’s reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. In the qualitative assessment, the Company considers factors such as macroeconomic conditions, industry and market conditions, overall financial performance related to the operation, consider plans and strategies of the reporting unit. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment being recorded.