i'mpact Singapore Tourism Board Annual Report 2010/2011

NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying amount may not be recoverable.
The estimated useful lives, residual values and depreciation method of property, plant and equipment are reviewed at the
end of each reporting period with the effect of any changes in estimates accounted for on a prospective basis.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected
from its use or disposal. Any gain or loss arising on derecognition of the asset is included in the income or expense in the
year the asset is derecognised.
(e)
INVESTMENT PROPERTIES
Investment properties are initially recognised at cost and subsequently carried at cost less accumulated depreciation and
accumulated impairment losses.
Investment properties are depreciated over the lease period as follows:
Leasehold land and building - Over the lease periods of 99 years
The estimated useful lives, residual values and depreciation method of investment properties are reviewed, and adjusted
as appropriate at each reporting period, with the effect of any changes in estimates accounted for on a prospective
basis.
On disposal of an investment property, the difference between the net disposal proceeds and its carrying amount is taken
to the income or expense.
(f)
HERITAGE MATERIALS
Heritage materials pertain to cargo of artefacts transferred to STB from another Statutory Board in Singapore as settlement
of a short-term loan granted in previous financial years. Heritage materials are initially recorded at cost (being the value
of the loan settled) less any accumulated impairment losses. The heritage materials have indefinite useful life and are not
depreciated. Further details are disclosed in Note 12 of the financial statements.
(g)
OTHER ASSETS
Other assets pertain to the club memberships which are stated at cost, less any impairment in net recoverable value.
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