SEO Version
Financial
Statements
163
2
BASIS OF PREPARATION
2.1 Statement of compliance
The financial statements have been prepared in accordance with the Statement of Recommended
Accounting Practice (“RAP”) 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore
Chartered Accountants (“ISCA”), and the applicable requirements of the Code on Collective Investment
Schemes (“CIS Code”) issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust
Deed. RAP 7 requires that accounting policies adopted should generally comply with the principles relating
to recognition and measurement of the Singapore Financial Reporting Standards (“FRS”).
2.2 Basis of measurement
The financial statements are prepared on the historical cost basis, except for investment properties,
derivative financial instruments and certain financial assets and financial liabilities which are measured at
fair value.
2.3 Functional and presentation currency
The financial statements are presented in Singapore dollars, which is the Group’s functional currency.
All financial information presented in Singapore dollars has been rounded to the nearest thousand, unless
otherwise stated.
2.4 Use of estimates and judgements
The preparation of financial statements in conformity with RAP 7 requiresmanagement tomake judgements,
estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimates are revised and in any future periods affected.
Information about critical judgement in applying accounting policies that have the most significant effect
on the amount recognised in the financial statements is described in the following notes:
Dej[ + , º 9bWii_Ȉ_YWj_ed e\ _dl[ijc[dj fhef[hj_[i WdZ _dl[ijc[dj fhef[hj_[i kdZ[h
development
Dej[ '&
º 9bWii_Ȉ_YWj_ed e\ Z[l[befc[dj fhef[hjo \eh iWb[
Information about assumptions and estimation, uncertainty that have the most significant risk of resulting in
a material adjustment within the next financial year are included in following notes:
Dej[ )&
º LWbkWj_ed e\ Ȉ_dWdY_Wb _dijhkc[dji
Dej[ )'
º LWbkWj_ed e\ _dl[ijc[dj fhef[hj_[i WdZ _dl[ijc[dj fhef[hj_[i kdZ[h Z[l[befc[dj
Powered by FlippingBook Publisher