i'mpact Singapore Tourism Board Annual Report 2010/2011

More documents

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 In respect of available-for-sale equity instruments, impairment losses previously recognised in profit or loss are not reversed through profit or loss. Any subsequent increase in fair value after an impairment loss is recognised in other comprehensive income. Derecognition of financial assets STB derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If STB neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, STB recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If STB retains substantially all the risks and rewards of ownership of a transferred financial asset, STB continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Financial liabilities and equity instruments Classification as debt or equity Financial liabilities and equity instruments issued by STB are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of STB after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Financial liabilities Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, using the effective interest method, with interest expense recognised on an effective yield basis. Derecognition of financial liabilities STB derecognises financial liabilities when, and only when obligations are discharged, cancelled or they expire. (c) LEASES Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. 68
NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 STB as lessor Amounts due from lessees under finance leases are recorded as receivables at the amount of STB’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on STB’s net investment outstanding in respect of the leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. STB as lessee Rentals payable under operating leases are charged to income or expense on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. (d) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation of property, plant and equipment begins when the asset is available for use and is calculated using the straight-line method to allocate their depreciable amounts over their expected useful lives as follows: Leasehold land – Over the lease periods of 99 years Buildings – 25 years Building improvements – 5 years Furniture, fittings and equipment – 3 to 5 years Motor vehicles – 5 years Electrical installation and air-conditioners – 7 years Tourism assets – 3 to 10 years Capital work-in-progress included in property, plant and equipment is not depreciated as these assets are not available for use. Fully depreciated assets still in use are retained in the financial statements. 69
Page 1 and 2:
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
Page 13 and 14:
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 and 66: NOTES TO THE FINANCIAL STATEMENTS 3
Page 67: NOTES TO THE FINANCIAL STATEMENTS 3
show all

i'mpact Singapore Tourism Board Annual Report 2010/2011

Create successful ePaper yourself

Delete template?

Save as template?