- Basis of Preparation
The financial statements are prepared in accordance with the historical cost convention modified by
revaluation of certain fixed assets, investment properties and investments in subsidiary and associated
companies.
The financial statements are prepared in accordance with Singapore Statements of Accounting Standard
and applicable requirements of the Companies Act .
The financial statements are expressed in Singapore dollars.
- Basis of Consolidation
The Group accounts consolidate the accounts of the Company and its subsidiary companies, all of which
prepare audited accounts at 31 December. Subsidiary companies are those in which more than 50% of
the issued share capital is held or in which the Group has Board control.
The accounts of subsidiary companies acquired or disposed of during the year are included in or
excluded from Group figures from the effective dates of acquisition or disposal. Any excess of the cost
of investments over the fair value of identifiable net assets acquired is shown as goodwill and is
amortised over its estimated useful life of not more than 20 years.
Minority interests are recorded on the basis of their share of the post-acquisition values of the net assets
of the non-wholly owned subsidiaries.
- Subsidiary Companies
Investments in subsidiary companies are stated in the accounts of the Company at the attributable share
of their combined net asset value. Any revaluation surplus or deficit arising each year is transferred
direct to capital reserves. Revaluation deficits are taken to the profit and loss account in the absence of
or to the extent that they exceed any surpluses held in reserves relating to previous revaluations.
