Sg - Xyz Holdings (Singapore) Limited - 2015.(Secured)

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EY Singapore Illustrative financial statements 2015

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  • XYZ Holdings(Singapore)LimitedIllustrative financialstatements for the yearended 31 December 2015

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  • XYZ Holdings (Singapore) Limited

    Preface

    About this publication

    XYZ Holdings (Singapore) Limited

    This publication includes the following components:

    XYZ Holdings (Singapore) Limited (XYZ) Illustrative report on new directorsstatement, and financial statements

    Appendix A Additional illustrative disclosures Appendix B Illustrative new auditors report Appendix C Comparison between Financial Reporting Standards and International

    Financial Reporting Standards

    The illustrative financial statements are an illustration of the annual financial statements of aSingapore-incorporated listed company, XYZ Holdings (Singapore) Limited, prepared inaccordance with:

    Singapore Financial Reporting Standards The Singapore Companies Act, Chapter 50.

    The illustrative financial statements serve to provide illustration of annual consolidatedfinancial statements of a group of companies whose activities include manufacturing,property development and investment holding. The disclosures contained in these illustrativefinancial statements are made based on a hypothetical group of entities and certainassumptions have been made about the applicability of the disclosures required by SingaporeFinancial Reporting Standards. In addition to the aforementioned standards and regulation,certain disclosure requirements of the Singapore Exchange Securities Trading Limiteds(SGX-ST) Listing Manual have also been included in these illustrative financial statements.Readers should note that the disclosure requirements of the SGX-ST may be included in otherparts of the entitys annual report instead.

    The illustrative financial statements is designed to capture a wide set of circumstances andtransactions which may not be relevant to all entities. Disclosures illustrated are those thatare relevant to the circumstance of XYZ. Also, since XYZ is a fictitious entity, assessingmateriality is not possible in some circumstances. XYZ is a helpful enabler for entitiespreparing financial statements under FRS, but its illustrative nature must be appreciated.

    This 2015 edition includes illustration of disclosures which are effective for annual periodsbeginning on or after 1 January 2015. Also included is additional illustration of the newauditors report that will be effective in 2016.

    To provide users with insight of changes in this publication as compared to the 2014 edition,we have side-lined the new illustrations, disclosure requirements and other editorial changesin this manner.

    Important notices

    This publication is intended as an illustrative guide rather than a definitivestatement.

    While the illustrative financial statements contain most of the usual disclosurestypically found in the financial statements of a group of companies whose activitiesinclude manufacturing, property development and investment holding, thedisclosures and commentaries in this publication are not meant to be exhaustive.Reference should be made to the relevant standards and regulations for specificdisclosure requirements.

    This publication should not be relied upon as a substitute for seeking professionaladvice concerning the appropriate accounting treatment for specific individualsituations or ensuring compliance with the Singapore Financial Reporting Standardsand/or Singapore Companies Act, Chapter 50.

  • XYZ Holdings (Singapore) Limited

    Preface

    Singapore Financial Reporting Standards (FRS)

    For financial periods beginning on or after 1 January 2015, a number of new and revisedFRSs apply.

    A list of the FRSs and INT FRS is provided in Appendix B, which also provides a brief summaryof the major differences with International Financial Reporting Standards (IFRS).

    This publication reflects the requirements of the FRSs issued as at 31 August 2015. No newaccounting standards that would be applicable to financial statements covering periodsbeginning on 1 January 2015 are expected. Nevertheless, the situation needs to bemonitored for any developments that may affect 2015 financial statements.

    The following FRSs have not been dealt with in this publication:

    FRS 26 Accounting and Reporting by Retirement Benefit Plans FRS 29 Financial Reporting in Hyperinflationary Economies FRS 34 Interim Financial Reporting FRS 41 Agriculture FRS 101 First-time Adoption of Financial Reporting Standards FRS 104 Insurance Contracts FRS 106 Exploration for and Evaluation of Mineral Resources FRS 114 Regulatory Deferral Accounts INT FRS 112 Service Concession Arrangements INT FRS 113 Customer Loyalty Programmes INT FRS 117 Distributions of Non-Cash Assets to Owners INT FRS 118 Transfer of Assets from Customers INT FRS 120 Stripping Costs in the Production of a Surface Mine INT FRS 121 Levies

  • XYZ Holdings (Singapore) Limited

    Preface

    Singapore Financial Reporting Standards (FRS) (continued)

    Abbreviations

    The following abbreviations are used in this publication:

    BC Basis for ConclusionsCA Singapore Companies Act, Chapter 50FRS Singapore Financial Reporting Standards

    INT FRS Interpretations of FRSs FRS AG FRS Application Guidance FRS IG FRS Implementation Guidance

    IAS International Accounting StandardsIFRS International Financial Reporting StandardsSSA Singapore Standards on AuditingSGX Singapore Exchange Securities Trading Limited (SGX-ST)s Listing Manual

  • XYZ Holdings (Singapore) Limited

    ContentsPage

    General information .............................................................................................................. 1

    Directors statement ............................................................................................................. 2

    Independent auditors report ............................................................................................... . 7

    Consolidated income statement ............................................................................................. 9

    Consolidated statement of comprehensive income ............................................................ ....10

    Balance sheets ................................................................................................ ...15

    Statements of changes in equity .......................................................................................... 17

    Consolidated cash flow statement ........................................................................................ 25

    Notes to the financial statements

    1. Corporate information ................................................................................................. 29

    2. Summary of significant accounting policies ................................................................... 29

    2.1 Basis of preparation ........................................................................................... 29

    2.2 Changes in accounting policies............................................................................ 31

    2.3 Standards issued but not yet effective. ....................................................... ..31

    2.4 Basis of consolidation and business combinations ................................................ 34

    2.5 Transactions with non-controlling interests.......................................................... 38

    2.6 Foreign currency ............................................................................................... 38

    2.7 Property, plant and equipment ........................................................................... 39

    2.8 Investment properties ........................................................................................ 40

    2.9 Intangible assets ................................................................................................ 42

    2.10 Land use rights .................................................................................................. 43

    2.11 Impairment of non-financial assets ...................................................................... 44

    2.12 Subsidiaries ....................................................................................................... 44

    2.13 Joint arrangements ........................................................................................... 45

    2.14 Joint ventures and associates ............................................................................. 46

    2.15 Financial instruments ......................................................................................... 48

    2.16 Impairment of financial assets ............................................................................ 53

    2.17 Cash and cash equivalents .................................................................................. 55

    2.18 Construction contracts ....................................................................................... 55

    2.19 Development properties ..................................................................................... 55

    2.20 Inventories ........................................................................................................ 56

    2.21 Provisions ......................................................................................................... 57

    2.22 Government grants ............................................................................................ 58

    2.23 Financial guarantee ........................................................................................... 58

    2.24 Borrowing costs ........................................................................