FY 2011 Annual Report - Sheng Siong

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54 Sheng Siong Annual Report 2011 Notes to the Financial Statements 4 Significant accounting policies (Continued) 4.7 Impairment (Continued) Non-derivative financial assets (Continued) Loans and receivables (Continued) An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account against loans and receivables. When a subsequent event (e.g. repayment by a debtor) causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. 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 or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Impairment losses are recognised in profit or loss. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 4.8 Non-current assets held for sale Non-current assets that are expected to be recovered primarily through sale or distribution rather than through continuing use are classified as held for sale or distribution. Immediately before classification as held for sale or distribution, the assets are remeasured in accordance with the Group’s accounting policies. Thereafter the assets are generally measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale or distribution and subsequent gains or losses on remeasurement are recognised in profit and loss. Gains are not recognised in excess of any cumulative impairment loss. Intangible assets and property, plant and equipment once classified as held for sale or distribution are not amortised or depreciated.
Sheng Siong Annual Report 2011 Notes to the Financial Statements 4 Significant accounting policies (Continued) 4.9 Employee benefits Defined contribution plans Contributions to post-employment benefits under defined contribution pension plans are recognised in profit or loss as incurred. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term benefits if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. 4.10 Revenue recognition Supermarket operations Revenue consists of the net value of goods sold to customers. Revenue is recognised at the point of sale when the significant risks and rewards of ownership of the goods have been transferred to customers and is recorded at the net amount received from customers. Revenue excludes goods and services taxes. Rental income Rental income receivable under operating leases is recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. Government grants – Jobs Credit Scheme Cash grants received from the government in relation to the Jobs Credit Scheme are recognised as income upon receipt. 55
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Sheng Siong Annual Report 2011 Abou
Page 5 and 6: in other income from S$15.9m in 201
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Page 87 and 88: in other income from S$15.9m in 201
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Internal Controls Sheng Siong Annua
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Material Contracts Sheng Siong Annu
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Share options (Continued) Sheng Sio
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