Illustrative Financial Statements 2011 - bdo singapore

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ABC SINGAPORE LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010 (Continued) FRS 7: 10 FRS 7: 21 FRS 7: 17(c) FRS 7: 17(d) FRS 7: 17(e) FRS 7: 31 FRS 7: 31 Financing activities Dividends paid to non-controlling interests Proceeds from borrowings Repayment of borrowings Repayment of obligations under finance leases Dividends paid Interest paid Net cash from/(used in) financing activities Group Note 2011 2010 $’000 $’000 FRS 7: 28 FRS 7: 45 Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Effect of foreign exchange rate changes in cash and cash equivalents Cash and cash equivalents at end of year 28 Commentary (i) Direct/Indirect method FRS 7: 18 allows entities to report cash flows from operating activities using either the direct method or the indirect method. The Group presents its cash flows using the indirect method. (ii) Investing and financing transactions that do not require the use of cash or cash equivalents Investing and financing transactions that do not require the use of cash or cash equivalents shall be excluded from the statement of cash flows. Such transactions shall be disclosed elsewhere in the financial statements in a way that provides all the relevant information about these investing and financing activities. An example will be property, plant and equipment acquired under finance leases. (iii) Acquisition of non-controlling interests FRS 7: 54 FRS 7: 42A For annual periods beginning on or after 1 July 2009, FRS 7 requires cashflows arising from changes in ownership interests in a subsidiary that do not result in a loss of control to be classified as cashflows from financing activities. Changes in ownership interests in a subsidiary that do not result in either a loss of control are accounted for as equity transactions. Accordingly the resulting cashflows are classified in the same way as other transactions with owners described in FRS 7: 17. (iv) Issuance of ordinary shares and purchase of treasury shares FRS 7: 17(a), (b) Proceeds from issuance of ordinary shares and purchase of treasury shares are classified as cashflows from financing activities. The accompanying notes form an integral part of these financial statements. 22 | P a g e
ABC SINGAPORE LIMITED AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011 These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. General FRS 1: 138(a) FRS 1:138(b) The Company (Registration Number 123456789A) is incorporated and domiciled in Singapore with its principal place of business and registered office at 21 Merchant Road #05-01 Royal Merukh S.E.A. Building, Singapore 058267. The principal activity of the Company is that of investment holding. The principal activities of the subsidiaries are disclosed in Note 16 to the financial statements. FRS 24: 13 FRS 10: 17 The Company’s immediate and ultimate holding corporation is XYZ Holding Pte. Ltd., incorporated in Singapore. The consolidated financial statements of the Group and the statement of financial position of the Company for the financial year ended 31 December 2011 were authorised for issue by the Board of Directors on [ ]. Commentary If the Company changes its name during the financial year, the change shall be disclosed. Please refer to the illustrative guide below: “With effect from (effective date), the name of the Company was changed from (former name) to (current name).” Disclosure of name of ultimate controlling party FRS 24: 13 FRS 24 requires the Company to disclose the name of the Company’s parent and, if different, the ultimate controlling party. The ultimate controlling party can be either an entity or a person. If neither the entity’s parent nor the ultimate controlling party produces consolidated financial statements available for public use, the name of the next most senior parent that does so shall also be disclosed. FRS 1: 112, 117 2. Summary of significant accounting policies 2.1 Basis of preparation FRS 1: 16 SGX 1207: 5(d) FRS 1: 117(a) The financial statements have been drawn up in accordance with the provisions of the Singapore Companies Act, Chapter 50 and Singapore Financial Reporting Standards (FRS) including related Interpretations of FRS (INT FRS) and are prepared under the historical cost convention, except as disclosed in the accounting policies below. The individual financial statements of each Group entity are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency). The consolidated financial statements of the Group and the statement of financial position of the Company are presented in Singapore dollar (“$”) which is the functional currency of the Company and the presentation currency for the consolidated financial statements and all values presented are rounded to the nearest thousand (“$’000”) as indicated. FRS 8: 28 In the current financial year, the Group has adopted all the new and revised FRS and INT FRS that are relevant to its operations and effective for the current financial year. The adoption of these new/revised FRS and INT FRS does not result in changes to the Group’s accounting policies and has no material effect on the amounts reported for the current or prior years. 23 | P a g e
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