Singapore Airlines 2011 Annual Report Download - page 100
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SINGAPORE AIRLINES
098
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
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, 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 2011 were authorised for issue in
accordance with a resolution of the Board of Directors on 12 May 2011.
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 2010, the Group adopted the following standards and interpretations mandatory for
annual financial periods beginning on or after 1 April 2010. The adoption of these standards and
interpretations did not have any effect on the financial performance or position of the Group and the
Company except as disclosed below:
FRS 103 Business Combinations (revised) and FRS 27 Consolidated and Separate Financial Statements
(revised)
The revised FRS 103 Business Combinations and FRS 27 Consolidated and Separate Financial Statements
are applicable for annual periods beginning on or after 1 July 2009. As of 1 April 2010, the Group
adopted both revised standards at the same time in accordance with their transitional provisions.