Singapore Airlines 2014 Annual Report Download - page 117
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115
ANNUAL REPORT FY2013/14
2 Summary of Significant Accounting Policies (continued)
(i) Depreciationofproperty,plantandequipment
Property, plant and equipment are depreciated on a straight-line basis at rates which are calculated to write down
their cost to their estimated residual values at the end of their operational lives. Operational lives, residual values
and depreciation method are reviewed annually in the light of experience and changing circumstances, and adjusted
prospectively, if appropriate.
Freehold land, advance and progress payments are not depreciated.
Fully depreciated assets are retained in the financial statements until they are no longer in use. No depreciation is
charged after assets are depreciated to their residual values.
(i) Aircraft,sparesandspareengines
The Group depreciates its new passenger aircraft, spares and spare engines over 15 years to 10% residual values.
The Group depreciates its new freighter aircraft over 15 years to 20% residual values. For used freighter aircraft, the
Group depreciates them over the remaining life (15 years less age of aircraft) to 20% residual values.
Major inspection costs relating to landing gear overhauls, heavy maintenance visits and engine overhauls (including
inspection costs provided under power-by-hour maintenance agreements) are capitalised and depreciated over the
average expected life between major overhauls, estimated to be 4 to 10 years.
Training aircraft are depreciated over 5 to 15 years to 10% to 20% residual values.
Flight simulators are depreciated over 5 to 10 years to nil residual values.
(ii) Land and buildings
Freehold buildings, leasehold land and buildings are depreciated to nil residual values as follows:
Company owned office premises - according to lease period or 30 years, whichever is the shorter.
Company owned household premises - according to lease period or 10 years, whichever is the shorter.
Other premises - according to lease period or 5 years, whichever is the shorter.
Leasehold hotel properties held by - according to lease period of 99 years, up to 2081.
an associated company
(iii) Others
Plant and equipment, office and computer equipment are depreciated over 1 to 15 years to nil residual values.