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Singapore Airlines Annual Report 2007-08
88
1 General
Singapore Airlines Limited (“the Company”) is a limited liability company incorporated in the Republic of Singapore which
is also the place of domicile. The Company is a subsidiary company of Temasek Holdings (Private) Limited, incorporated in
the Republic of Singapore.
The registered office of the Company is at Airline House, 25 Airline Road, Singapore 819829.
The principal activities of the Group consist of passenger and cargo air transportation, airport terminal services, engineering
services, training of pilots, air charters and tour wholesaling and related activities. The principal activity of the Company
consists of passenger air transportation.
The financial statements for the financial year ended 31 March 2008 were authorised for issue in accordance with a
resolution of the Board of Directors on 13 May 2008.
2 Accounting Policies
The accounting policies have been consistently applied by the Group and the Company and are consistent with those used
in the previous financial year.
(a) Basis of preparation
The consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the
Company have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”).
The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies
below.
The financial statements are presented in Singapore Dollars (SGD or $).
(b) New and revised standards
In the current financial year, the Group and the Company have adopted all of the new and revised FRS and
Interpretations of FRS (“INT FRS”) that are relevant to its operations and effective for annual periods beginning on
or after 1 April 2007. The adoption of these new/revised FRS and INT FRS does not result in changes to the Group’s
and Company’s accounting policies and has no material effect on the accounts reported for the current or prior years
except as disclosed below and in the notes to the financial statements.
FRS 107 – Financial Instruments: Disclosures and amendments to FRS 1 Presentation of Financial Statements relating
to capital disclosures
The Group has adopted FRS 107 with effect from annual periods beginning on or after 1 April 2007. The new
Standard has resulted in an expansion of the disclosures in these financial statements regarding the Group’s financial
instruments. The Group has also presented information regarding its objectives, policies and processes for managing
capital (Note 39) as required by the consequential amendments to FRS 1 which are effective from annual periods
beginning on or after 1 April 2007.
At the date of authorisation of these financial statements, the following FRS, INT FRS and amendments to FRS that are
relevant to the Group and the Company were issued but not effective. The Group and the Company have not applied
the following FRS and INT FRS that have been issued but not yet effective:
Effective date
(Annual periods
beginning on or after)
FRS 1 (revised) : Presentation of Financial Statements 1 January 2009
FRS 23 (revised) : Borrowing Costs 1 January 2009
FRS 108 : Operating Segments 1 January 2009
INT FRS 112 : Service Concession Arrangements 1 January 2008
INT FRS 113 : Customer Loyalty Programmes 1 July 2008
INT FRS 114 : FRS 19 – The Limit on a Defined Benefit Asset,
Minimum Funding Requirements and their Interaction 1 January 2008
NOTES TO THE FINANCIAL STATEMENTS
31 March 2008