Annual Report 2012 - singapore land limited

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46 Singapore Land Limited - Annual Report 2012 NOTES TO THE FINANCIAL STATEMENTS For the fi nancial year ended 31 December 2012 These notes form an integral part of and should be read in conjunction with the accompanying fi nancial statements. 1. GENERAL INFORMATION Singapore Land Limited (the “Company”) is incorporated and domiciled in Singapore. The address of its registered offi ce is 24 Raffl es Place #22-01/06, Clifford Centre, Singapore 048621. The Company is listed on the Singapore Exchange. The principal activity of the Company is that of an investment holding company. The principal activities of the Group consist of development of properties for investment and trading, investment holding, property management, and investment in hotels and retail centres. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation The fi nancial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”) under the historical cost convention, except as disclosed in the accounting policies below. The preparation of fi nancial 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 signifi cant to the fi nancial statements, are disclosed in note 3. Interpretations and amendments to published standards effective in 2012 On 1 January 2012, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are mandatory for application for the fi nancial year. 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 adoption of these new or amended FRS and INT FRS did not result in substantial changes to the accounting policies of the Group and Company and had no effect on the amounts reported for the current or prior fi nancial years, except as disclosed below. The Group has adopted the amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets on 1 January 2012. The amended FRS 12 has introduced a presumption that an investment property measured at fair value is recovered entirely by sale. The amendment, effective for annual periods beginning on or after 1 January 2012, is to be applied retrospectively. Previously, the Group accounted for deferred tax on fair value gains on investment property on the basis that the asset would be recovered through use. Upon adoption of the amendment, such deferred tax is measured on the basis of recovery through sale.
Singapore Land Limited - Annual Report 2012 47 NOTES TO THE FINANCIAL STATEMENTS For the fi nancial year ended 31 December 2012 2. SIGNIFICANT ACCOUNTING POLICIES (continued) 2.1 Basis of preparation (continued) Interpretations and amendments to published standards effective in 2012 (continued) The effects on adoption are as follows: Increase/(Decrease) 2012 2011 2010 $’000 $’000 $’000 Consolidated statement of fi nancial position as at 31 December: Investments in associated companies 29,246 21,494 18,785 Deferred income tax liabilities (462,548) (434,435) (412,952) Retained earnings 456,996 424,959 402,095 Non-controlling interests 34,798 30,970 29,642 Consolidated income statement for the fi nancial year ended 31 December: Share of results of associated companies 7,752 2,709 Income tax expense (28,113) (21,483) Non-controlling interests 3,828 1,328 Basic and diluted earnings per share for the fi nancial year ended 31 December (cents per share) 7.8 cents 5.5 cents 2.2 Revenue recognition Revenue comprises the fair value of consideration received or receivable for the sale of goods and rendering of services, net of goods and services tax, rebates and discounts after eliminating revenue within the Group. The Group recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectibility of the related receivables is reasonably assured and when the specifi c criteria for each of the Group’s activities are met as follows: (a) Rental income Rental income from operating leases (net of any incentives given to the lessees) on investment properties is recognised on a straight-line basis over the lease term.
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SINGAPORE LAND LIMITED Company Regi
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Incorporated in the Republic of Sin
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