Singapore Airlines 2009 Annual Report Download - page 111
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109
2 Accounting Policies (continued)
(v) Provisions (continued)
Provision for warranty claims is made for engine overhaul, repairs and maintenance of aircraft (excluding
line maintenance) based on past experience of the level of repairs.
Provision for return costs to meet contractual return aircraft minimum conditions, at the end of the
lease terms for the aircraft under operating leases, are recorded equally over the lease terms.
(w) Share capital and share issue expenses
Proceeds from issuance of ordinary shares are recognised as share capital in equity. Incremental costs
directly attributable to the issuance of ordinary shares are deducted against share capital.
(x) Treasury shares
When shares are reacquired by the Company, the amount of consideration paid is recognised directly
in equity. Reacquired shares are classifi ed as treasury shares and presented as a deduction from total
equity. When treasury shares are subsequently sold or reissued pursuant to equity compensation
plans, the cost of treasury shares is reversed from the treasury share account and the realised gain or
loss on sale or reissue, net of any directly attributable incremental transaction costs, is recognised in
the capital reserve.
(y) Frequent fl yer programme
The Company operates a frequent fl yer programme called “KrisFlyer” that provides travel awards to
programme members based on accumulated mileage. A portion of passenger revenue attributable
to the award of frequent fl yer benefi ts, estimated based on expected utilisation of these benefi ts, is
deferred until they are utilised. These are included under deferred revenue on the balance sheet. Any
remaining unutilised benefi ts are recognised as revenue upon expiry.
(z) Taxation
(i) Current tax
Tax recoverable and tax liabilities for the current and prior periods are measured at the amount
expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws
used to compute the amount are those that are enacted or substantively enacted by the balance
sheet date.
Current taxes are recognised in the profi t and loss account except that tax relating to items
recognised directly in equity is recognised directly in equity.