i'mpact Singapore Tourism Board Annual Report 2010/2011

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NOTES TO THE FINANCIAL STATEMENTS 31 March <strong>2011</strong> Cash and cash equivalents Cash and cash equivalents comprise cash at bank and demand deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Loans and receivables Trade and other receivables, loans and finance lease receivable that have fixed or determinable payments and are not quoted in an active market are classified as “loans and receivables”. Loans and receivables are measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest method, except for short-term receivables when the recognition of interest would be immaterial. Financial assets at fair value through profit or loss (FVPL) Financial assets are classified as FVPL where the financial asset is either held for trading or it is designated as FVPL. A financial asset is classified as held for trading if: (i) (ii) (iii) it has been acquired principally for the purpose of selling in the near future; or it is a part of an identified portfolio of financial instruments that STB manages and has a recent actual pattern of short-term profit-taking; or it is a derivative that is not designated as effective hedging instrument. A financial asset other than a financial asset held for trading may be designated as FVPL upon initial recognition if: (a) (b) (c) such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with STB’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or it forms part of a contract containing one or more embedded derivatives, and SB-FRS 39 permits the entire combined contract (asset or liability) to be designated as FVPL. Financial assets at fair value through profit or loss are stated at fair value, with any resultant gain or loss recognised in income or expenses. The net gain or loss recognised in income or expense incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described in Note 4(b). 66
NOTES TO THE FINANCIAL STATEMENTS 31 March <strong>2011</strong> Available-for-sale financial assets Certain equity instruments held by STB are classified as being available for sale and are stated at fair value. Fair value is determined in the manner described in Note 4(b). Gains and losses arising from changes in fair value are recognized in other comprehensive income with the exception of impairment losses, interest calculated using the effective interest method and foreign exchange gains and losses on monetary assets which are recognised directly in income or expense. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously recognised in other comprehensive income and accumulate in revaluation reserve is reclassified to income or expense. Dividends on available-for-sale equity instruments are recognised in income or expense when STB’s right to receive payments is established. The fair value of available-for-sale monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at end of the reporting period. The change in fair value attributable to translation differences that result from a change in amortised cost of the asset is recognised in income or expense, and other changes are recognised in other comprehensive income. Impairment of financial assets Financial assets, other than those at fair value through profit or loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been impacted. For available-for-sale equity instruments, a significant or prolonged decline in the fair value of the investment below its cost is considered to be objective evidence of impairment. For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in income or expense. When an available-for-sale financial asset is considered to be impaired, cumulative gains or losses previously recognised in other comprehensive income are reclassified to income or expense. With the exception of available-for-sale equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed through income or expense to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment loss not been recognised. 67
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i’mpact Singapore Tourism Board A
Page 3 and 4:
Vision To be a leading economic dev
Page 5 and 6:
Chairman’s message On behalf of t
Page 7 and 8:
Chief Executive’s Message Collabo
Page 9 and 10:
Board of Directors Ms Aw Kah Peng M
Page 11 and 12:
Board of Directors Mr Mike Barclay
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Board of Directors Mr Steven Lim Mr
Page 15 and 16: Board of Directors Mrs Diana Ee-Tan
Page 17 and 18: Board of Directors Ms Jessica Tan A
Page 19 and 20: MANAGEMENT team (as of 1 July 2011)
Page 21 and 22: Corporate Governance BOARD MATTERS
Page 23 and 24: Corporate Governance Table 2: Direc
Page 25 and 26: Corporate Governance It approves th
Page 27 and 28: YourSingapore Bringing the YourSing
Page 29 and 30: STB ACROSS THE GLOBE Stamping A Glo
Page 31 and 32: STB ACROSS THE GLOBE N-TV channel b
Page 33 and 34: STB ACROSS THE GLOBE WORLD EXPO Orc
Page 35 and 36: Tourism Sector Performance Overview
Page 37 and 38: Tourism Sector Performance This tre
Page 39 and 40: Tourism Sector Performance Cruise R
Page 41 and 42: Tourism Sector Performance the prof
Page 43 and 44: Tourism Sector Performance The loca
Page 45 and 46: Tourism Sector Performance No less
Page 47 and 48: Tourism Sector Performance alongsid
Page 49 and 50: Awards and Accolades Destination
Page 51 and 52: Awards and Accolades Shangri-La Hot
Page 53 and 54: Awards and Accolades Attractions Bu
Page 55 and 56: FINANCIAL STATEMENTS Statement by t
Page 57 and 58: INDEPENDENT AUDITORS’ REPORT TO T
Page 59 and 60: STATEMENT OF FINANCIAL POSITION As
Page 61 and 62: STATEMENT OF CHANGES IN EQUITY Year
Page 63 and 64: 2010/2011 2009/2010 $’000 $’000
Page 65: NOTES TO THE FINANCIAL STATEMENTS 3
Page 69 and 70: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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