YSA Annual Report 2019

YSA ANNUAL REPORT 2019
YOUNG SIKH ASSOCIATION (SINGAPORE)
(Registered under The Societies Act. Cap. 311)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019
f) CURRENCIES TRANSLATION
Functional and presentation currency
Items included in the financial statements of the Company are measured using the
currency of the primary economic environment in which the entity operates (“functional
currency”). The financial statements are presented in Singapore Dollar, which is the
Company’s functional currency.
Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are
translated into the functional currency using the exchange rates at the dates of the
transactions. Currency translation differences from the settlement of such transactions and
from the translation of monetary assets and liabilities denominated in foreign currencies
at the closing rates at the date of statement of financial position are recognized in the
statement of comprehensive income.
Non-Monetary items measured at fair values in foreign currencies are translated using the
exchange rates at the date when fair values are determined.
g) REVENUE RECOGNITION
Revenue is recognised to the extent that it is probable that the economic benefits will flow
to the Association and the revenue can be reliably measured.
Revenue from sports events and donations is recognised in the account on an accrual
basis.
3. CASH AND CASH EQUIVALENTS
For the purpose of statement of cash flows, cash and cash equivalents comprise the following:
2019 2018
$ $
Cash in hand 2,520
Cash at bank 31,163 36,965
31,163 39,485
The Carrying amounts of cash and cash equivalents are denominated in Singapore Dollars and
they approximate their fair values.
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