Notes to the Financial Statements - Swissco Holdings Limited

Notes
to the Financial Statements
For the financial year ended 31 December 2009
These notes form an integral part of and should be read in conjunction with the accompanying financial
statements.
1. General information
Swissco International Limited (the “Company”) is a public company with limited liability and is domiciled
and incorporated in Singapore. The Company is listed on the Singapore Exchange Securities Trading
Limited. Its registered office and principal place of business is located at No. 60 Penjuru Lane, Singapore
609214.
The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries
are set out in Note 15 to the financial statements.
2. Significant accounting policies
2.1 Basis of preparation
These financial statements have been prepared in accordance with Singapore Financial Reporting Standards
(“FRS”). The financial statements have been prepared under the historical cost convention, except as
disclosed in the accounting policies below.
The preparation of financial statements in conformity with FRS requires management to exercise its
judgement in the process of applying the Group’s accounting policies. It also requires the use of certain
critical accounting estimates and assumptions. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements, are
disclosed in Note 33.
Interpretations and amendments to published standards effective in 2009
On 1 January 2009, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”)
that are mandatory for application from that date. Changes to the Group’s accounting policies have been
made as required, in accordance with the transitional provisions in the respective FRS and INT FRS.
The following are the new or amended FRS and INT FRS that are relevant to the Group:
• FRS 1 (revised) “Presentation of financial statements” (effective from 1 January 2009). The revised
standard prohibits the presentation of items of income and expenses (that is, “non-owner changes
in equity”) in the statement of changes in equity. All non-owner changes in equity are shown in the
performance statement, but entities can choose whether to present one performance statement (the
statement of comprehensive income) or two statements (the income statement and statement of
comprehensive income). The Group has chosen to adopt the former alternative. Where comparative
information is restated or reclassified, a restated balance sheet is required to be presented as at the
beginning comparative period. There is no restatement of the balance sheet as at 1 January 2008 in
the current financial year.
• FRS 108 “Operating segments” (effective from 1 January 2009) replaces FRS 14 “Segment
reporting”, and requires a “management approach”, under which segment information is presented
on the same basis as that used for internal reporting purposes. This has resulted in an increase in the
number of reportable segments presented. Segment revenue, segment profits and segment assets
are also measured on a basis that is consistent with internal reporting.
41 Annual Report 2009 Swissco International Limited