i'mpact Singapore Tourism Board Annual Report 2010/2011

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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. 70
NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 (h) IMPAIRMENT OF NON-FINANCIAL ASSETS At the end of each reporting period, STB reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, STB estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in income or expense. Where an impairment loss is subsequently reversed, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in income or expense. (i) PROVISIONS Provisions are recognised when STB has a present obligation (legal or constructive) as a result of a past event, it is probable that STB will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. (j) SHARE CAPITAL Pursuant to the Financial Circular Minute (“FCM”) No. 26/2008 on Capital Management Framework (“CMF”), equity injection from the Government is recorded as share capital. 71
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i’mpact Singapore Tourism Board A
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Vision To be a leading economic dev
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Chairman’s message On behalf of t
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Chief Executive’s Message Collabo
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Board of Directors Ms Aw Kah Peng M
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Board of Directors Mr Mike Barclay
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Board of Directors Mr Steven Lim Mr
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Board of Directors Mrs Diana Ee-Tan
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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 69: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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