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SABANA
78
Practice (“RAP”) 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifed Pu
Singapore, and the applicable requirements of the Code on Collective Investment Schemes (the
by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed. RAP 7 requi
policies to generally comply with the recognition and measurement principles of Singapore
Standards (“FRS”).
(b)
Basis of measurement
The fnancial statements have been prepared on a historical cost basis except for the investm
fnancial derivatives which are stated at fair value and otherwise as described below.
(c)
Functional and presentation currency
These fnancial statements are presented in Singapore dollars which is the Trust’s functional cu
information presented in Singapore dollars have been rounded to the nearest thousand, unless oth
(d)
Use of estimates and judgements
The preparation of the fnancial statements in conformity with RAP 7 requires the Manager to
estimates and assumptions that affect the application of accounting policies and the reported
liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accou
recognised in the period in which the estimates are revised, and in any future periods affected.
In particular, information about signifcant areas of estimation uncertainty and critical judgements in a
policies that have the most signifcant effect on the amounts recognised in the fnancial statemen
the following notes:
•
Note 4 – Valuation of investment properties
•
Note 27 – Valuation of fnancial instruments
(e)
Changes in accounting policies
A number of new standards, amendments to standards and interpretations are effective for the annu
1 January 2011. The Group has applied these standards and the adoption has no fnancial effect
fnancial position of the Group for the current fnancial period.
Sabana AR 2011 Financial V9.indd 78
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