i'mpact Singapore Tourism Board Annual Report 2010/2011
i'mpact Singapore Tourism Board Annual Report 2010/2011
i'mpact Singapore Tourism Board Annual Report 2010/2011
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NOTES TO THE FINANCIAL STATEMENTS<br />
31 March <strong>2011</strong><br />
1 GENERAL<br />
<strong>Singapore</strong> <strong>Tourism</strong> <strong>Board</strong> (“STB”), is a <strong>Singapore</strong> statutory board under the Ministry of Trade and Industry established under the<br />
<strong>Singapore</strong> <strong>Tourism</strong> <strong>Board</strong> Act, Cap. 305B.<br />
STB’s registered office and principal place of operations is located at <strong>Tourism</strong> Court, 1 Orchard Spring Lane, <strong>Singapore</strong> 247729.<br />
STB’s primary functions are to:<br />
(a)<br />
(b)<br />
(c)<br />
(d)<br />
develop and promote <strong>Singapore</strong> as a travel and tourist destination;<br />
advise the Government on matters relating to travel and tourism;<br />
enhance the travel and tourism sector’s contribution to the <strong>Singapore</strong> economy; and<br />
exercise licensing and regulatory functions in respect of such tourism enterprises as STB may determine.<br />
There have been no significant changes in the nature of these activities during the financial year.<br />
The financial statements of STB for the financial year ended 31 March <strong>2011</strong> were authorised for issue by members of the <strong>Board</strong><br />
of Directors on 4 July <strong>2011</strong>.<br />
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br />
(a)<br />
BASIS OF ACCOUNTING AND ADOPTION OF NEW AND REVISED STANDARDS<br />
The financial statements are prepared in accordance with the historical cost basis, except as disclosed in the accounting<br />
polices below, and are drawn up in accordance with the provisions of the <strong>Singapore</strong> <strong>Tourism</strong> <strong>Board</strong> Act, Chapter 305B<br />
and the Statutory <strong>Board</strong> Financial <strong>Report</strong>ing Standards (“SB-FRS”), including INT SB-FRS and Guidance Notes.<br />
In the current financial year, STB has adopted all the new and revised SB-FRSs, INT SB-FRS and SB-FRS Guidance Notes<br />
that are relevant to its operations and effective for annual periods beginning on or after 1 April <strong>2010</strong>. The adoption of these<br />
new/revised SB-FRSs, INT SB-FRSs and SB-FRS Guidance Notes do not result in changes to STB’s accounting policies<br />
and has no material effect on the amounts reported for the current or prior years.<br />
At the date of authorisation of these financial statements, the following SB-FRSs, INT SB-FRS and amendments to SB-<br />
FRSs that are relevant to STB were issued but not effective:<br />
• Improvements to <strong>Singapore</strong> Statutory <strong>Board</strong> Financial <strong>Report</strong>ing Standards (issued in October <strong>2010</strong>)<br />
• SB-FRS 24 (Revised) Related Party Disclosures<br />
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