Singapore Airlines 2010 Annual Report Download - page 96
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SINGAPORE AIRLINES
94
notes to the financial statements
31 March 2010
2 Summary of Significant Accounting Policies (continued)
(b) New and revised standards (continued)
INT FRS 113: Customer Loyalty Programmes
The interpretation addresses accounting for loyalty award credits granted to customers who buy other goods or
services, and the accounting for the Company’s obligations to provide free or discounted goods or services to
customers when the award credits are redeemed.
Loyalty awards should be viewed as separately identifiable goods or services for which customers are implicitly
paying and measured based on the allocated proceeds which represent the value of the award credits. The proceeds
allocated to the award credits are deferred until the Company fulfils its obligations by supplying the free or discounted
goods or services upon the redemption of the award credits.
The adoption of this interpretation did not result in a change in accounting policy of the Company as the current
accounting treatment of the Company’s award credits granted under the frequent flyer programme (“KrisFlyer”) is
closely aligned with the treatment as set out in the interpretation.
At the date of authorisation of these financial statements, the following FRS, INT FRS and amendments to FRS were
issued but not effective.
Effective date
(Annual periods
Reference Description beginning on or after)
Improvements to FRSs 1 July 2009
(unless otherwise stated)
FRS 24 Revised Related Party Disclosures 1 January 2011
FRS 27 Amendments Consolidated and Separate Financial Statements 1 July 2009
FRS 32 Amendments Financial Instruments Presentation 1 February 2010
– Classification of Rights Issues
FRS 39 Amendments Financial Instruments: 1 July 2009
Recognition and Measurement
– Eligible Hedged Items
FRS 102 Amendments Share-based Payment – Group Cash-settled 1 January 2010
Share-based Payment Transactions
FRS 103 Revised Business Combinations 1 July 2009
INT FRS 114 Amendments FRS 19 – The Limit on a Defined Benefit Asset, 1 January 2011
Minimum Funding Requirements and their Interaction
Prepayments of a Minimum Funding Requirement
INT FRS 117 New Distributions of Non-cash Assets to Owners 1 July 2009
INT FRS 119 New Extinguishing Financial Liabilities with Equity Instruments 1 July 2010