Annual Report 2012 - singapore land limited

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64 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) 2.20 Currency translation (continued) (b) Transactions and balances (continued) When a foreign operation is disposed of or any loan forming part of the net investment of the foreign operation is repaid, a proportionate share of the accumulated currency translation differences is reclassifi ed to income statement, as part of the gain or loss on disposal. Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined. (c) Translation of Group entities’ financial statements The results and fi nancial position of all the Group entities (none of which has the currency of a hyperinfl ationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) (ii) (iii) assets and liabilities are translated at the closing exchange rates at the date of the statement of fi nancial position; income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and all resulting currency translation differences are recognised in other comprehensive income and accumulated in the currency translation reserve. These currency translation differences are reclassifi ed to the income statement on disposal or partial disposal of the entity giving rise to such reserve. Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and translated at the closing rates at the date of the statement of fi nancial position. 2.21 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the management who are responsible for allocating resources and assessing performance of the operating segments. 2.22 Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash fl ows, cash and cash equivalents include cash on hand, deposits with fi nancial institutions which are subject to an insignifi cant risk of change in value, and bank overdrafts. Bank overdrafts are presented as current borrowings on the statement of fi nancial position.
Singapore Land Limited - Annual Report 2012 65 NOTES TO THE FINANCIAL STATEMENTS For the fi nancial year ended 31 December 2012 2. SIGNIFICANT ACCOUNTING POLICIES (continued) 2.23 Share capital Ordinary shares are classifi ed as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account. 2.24 Dividends to Company’s shareholders Dividends to Company’s shareholders are recognised when the dividends are approved for payment. 3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group on its own or in reliance on third party experts, applies estimates and judgements in the following key areas: (i) (ii) (iii) the determination of investment property values by independent professional valuers (note 2.8). The carrying amount of investment properties is disclosed in note 16; the assessment of the stage of completion, extent of the construction costs incurred and the estimated total construction costs of properties held for sale under development (note 2.2(b)) and allowance for foreseeable losses (note 2.7). The carrying amount of properties held for sale under development is disclosed in note 19; the assessment of impairment of investments in associated companies and joint ventures, property, plant and equipment (note 2.10). The carrying amounts of invesments in associated companies and joint ventures, property, plant and equipment are disclosed in notes 13, 14 and 17 respectively; and (iv) the assessment of adequacy of provision for income taxes (note 2.17). The carrying amounts of current income tax and deferred income tax are disclosed in notes 8 and 23 respectively. 4. REVENUE The Group 2012 2011 $’000 $’000 Gross rental income 236,829 236,978 Gross revenue from hotel operations 65,540 121,292 Sale of properties held for sale 269,717 250,678 Car parking income and property services fees 8,516 6,348 580,602 615,296
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