Annual Report 2012 - singapore land limited

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52 Singapore Land Limited - Annual Report 2012 NOTES TO THE FINANCIAL STATEMENTS For the fi nancial year ended 31 December 2012 2. SIGNIFICANT ACCOUNTING POLICIES (continued) 2.3 Group accounting (continued) (c) Associated companies and joint ventures (continued) (ii) Equity method of accounting In applying the equity method of accounting, the Group’s share of its associated companies’ and joint ventures’ post-acquisition profi ts or losses are recognised in the income statement and its share of postacquisition other comprehensive income is recognised in other comprehensive income. These postacquisition movements and distributions received from the associated companies and joint ventures are adjusted against the carrying amount of the investments. When the Group’s share of losses in an associated company or joint venture equals to or exceeds its interest in the associated company or joint venture, including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has obligations to make or has made payments on behalf of the associated company or joint venture. Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group’s interest in the associated companies and joint ventures. Unrealised losses are also eliminated unless the transactions provide evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the fi nancial statements of associated companies and joint ventures to ensure consistency of accounting policies with those of the Group. (iii) Disposals Investments in associated companies and joint ventures are derecognised when the Group loses signifi cant infl uence and joint control respectively. Any retained equity interest in the entity is remeasured at its fair value. The difference between the carrying amount of the retained interest at the date when signifi cant infl uence or joint control is lost and its fair value is recognised in the income statement. Please refer to the paragraph “Investments in subsidiary and associated companies, and joint ventures” for the accounting policy on investments in associated companies and joint ventures in the separate fi nancial statements of the Company.
Singapore Land Limited - Annual Report 2012 53 NOTES TO THE FINANCIAL STATEMENTS For the fi nancial year ended 31 December 2012 2. SIGNIFICANT ACCOUNTING POLICIES (continued) 2.4 Property, plant and equipment (a) Measurement Property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. (b) Depreciation Renovations in progress is not depreciated. Depreciation is calculated using the straight-line method to allocate the depreciable amounts of property, plant and equipment over their estimated useful lives as follows: Leasehold land and building Plant and machinery Furniture, fi ttings and offi ce equipment Motor vehicles 93 years 10 - 15 years 5 - 13 years 5 years The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of fi nancial position date. The effects of any revision are recognised in the income statement when the changes arise. (c) Subsequent expenditure Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefi ts associated with the item will fl ow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in the income statement when incurred. (d) Disposal On disposal of an item of property, plant and equipment, the difference between the disposal proceeds and its carrying amount is recognised in the income statement.
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ANNUAL REPORT 2012
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SINGAPORE LAND LIMITED Company Regi
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Incorporated in the Republic of Sin
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Annual Report 2012 - singapore land limited

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