Singapore Airlines 2010 Annual Report Download - page 94

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SINGAPORE AIRLINES
92
notes to the financial statements
31 March 2010
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 listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) and
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 and food operations,
engineering services, training of pilots, air charters and tour wholesaling and related activities. The principal activity of the
Company consists of passenger air transportation.
Following the completion of the dividend in specie distribution of SATS shares on 1 September 2009, the Group’s principal
activities in airport terminal and food operations ceased accordingly.
The financial statements for the financial year ended 31 March 2010 were authorised for issue in accordance with a
resolution of the Board of Directors on 21 May 2010.
2 Summary of Significant 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 statement of financial position 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 $) and all values in the tables are rounded to
the nearest million as indicated.
(b) New and revised standards
The accounting policies adopted are consistent with those of the previous financial year except as follows:
On 1 April 2009, the Group adopted the following standards and interpretations mandatory for annual financial
periods beginning on or after 1 April 2009.
• FRS 1 Presentation of Financial Statements (Revised)
• Amendments to FRS 23 Borrowing Costs
• Amendments to FRS 32 Financial Instruments: Presentation and FRS 1 Presentation of Financial Statements
– Puttable Financial Instruments and Obligations Arising on Liquidation
• Amendments to FRS 101 First-time Adoption of Financial Reporting Standards and FRS 27 Consolidated and
Separate Financial Statements – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate