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