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 />
In respect of available-for-sale equity instruments, impairment losses previously recognised in profit or loss are not reversed<br />
through profit or loss. Any subsequent increase in fair value after an impairment loss is recognised in other comprehensive<br />
income.<br />
Derecognition of financial assets<br />
STB derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the<br />
financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If STB neither transfers<br />
nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, STB recognises<br />
its retained interest in the asset and an associated liability for amounts it may have to pay. If STB retains substantially all<br />
the risks and rewards of ownership of a transferred financial asset, STB continues to recognise the financial asset and also<br />
recognises a collateralised borrowing for the proceeds received.<br />
Financial liabilities and equity instruments<br />
Classification as debt or equity<br />
Financial liabilities and equity instruments issued by STB are classified according to the substance of the contractual<br />
arrangements entered into and the definitions of a financial liability and an equity instrument.<br />
Equity instruments<br />
An equity instrument is any contract that evidences a residual interest in the assets of STB after deducting all of its<br />
liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.<br />
Financial liabilities<br />
Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at<br />
amortised cost, using the effective interest method, with interest expense recognised on an effective yield basis.<br />
Derecognition of financial liabilities<br />
STB derecognises financial liabilities when, and only when obligations are discharged, cancelled or they expire.<br />
(c)<br />
LEASES<br />
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of<br />
ownership to the lessee. All other leases are classified as operating leases.<br />
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