i'mpact Singapore Tourism Board Annual Report 2010/2011

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NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 (q) FOREIGN CURRENCY TRANSACTIONS The financial statements of STB are measured and presented in Singapore dollars, which is the currency of the primary economic environment in which STB operates (its functional currency). In preparing the financial statements of STB, transactions in currencies other than STB’s functional currency are recorded at the rate of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in income or expense for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in income or expense for the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised other comprehensive income. For such non-monetary items, any exchange component of that gain or loss is also recognised in other comprehensive income. 3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of STB’s accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. STB did not make any material judgements that have significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the respective reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: 74
NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 Depreciation of property, plant and equipment and investment properties The cost of property, plant and equipment and investment properties are depreciated on a straight-line basis over their useful lives. STB estimates the useful lives of these property, plant and equipment and investment properties to be within 3 to 99 years, based on the lease period for leasehold properties and estimated useful lives of the assets. The carrying amounts are disclosed in Note 7 and 8 of the financial statements. Changes in the expected level of usage, technological developments and economic condition could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised. 4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT (a) Categories of financial instruments The following table sets out the financial instruments: 2010/2011 2009/2010 $’000 $’000 Financial assets At fair value through profit or loss (Note 13) 28,560 24,337 Loans and receivables (including cash and cash equivalent) 243,022 186,885 Available-for-sale investments 2,000 2,000 Total 273,582 213,222 Financial liability Amortised cost 101,246 82,860 Derivative financial instruments at fair value 24 112 Total 101,270 82,972 (b) Financial risk management policies and objectives STB, in its normal course of operations, is exposed to market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. While STB does not hold or issue derivative financial instruments for trading purposes, STB may use such instruments for risk management purposes. STB has written policies and guidelines, which set out its general risk management philosophy. 75
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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
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MANAGEMENT team (as of 1 July 2011)
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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 73: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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