Illustrative Annual Report 2004

Many Singapore companies would have found the previous financial year ended 2003 a challenging one, for it was the first year in which companies had to comply with the legal requirements to present statutory financial statements in accordance with the Singapore Financial Reporting Standards (FRS). With these changes adequately handled and embraced, can those charged with overseeing the financial reporting and disclosure process rest and take things easier in the coming reporting period? Needless to say, no, for the future continues to bring new developments and further changes.

This 2004 Illustrative Annual Report publication provides a sample annual report of a fictitious group. It was first released in November 2003, and the 2004 edition contains updated best practice corporate disclosures required by the Singapore Companies Act, Singapore Exchange Securities Trading Listing Manual, and Singapore Financial Reporting Standards and Interpretations that are applicable for the financial year commencing on or after 1 January 2004. It also provides some global best practice disclosures for consideration. To assist users to understand the context and content of disclosure, guidance notes and cross-references to the relevant requirements are included. A listing of FRS and Interpretations, and a comparison between FRS and International Financial Reporting Standards as of August 2004 as well as a summary of the key changes that are effective from 1 January 2005 are also included.

The sample disclosures in this publication may not be the only acceptable form of presentation. Other forms of presentation which are equally acceptable to meet the prescribed requirements may be preferred and adopted. We trust that you will find this publication helpful in the preparation of your reporting entity’s financial statements for the upcoming financial year.



1. Foreword and Publication Guide (270kb)
2. List of Technical Pronouncement (48kb)
3. Comparison between FRS and IFRS (59kb)
4. Summary of Key Changes from FRS that are issued or revised in 2004 (70kb)
5. Index to Illustrative Annual Report (69kb)
6. Board of Directors and Corporate Governance Report (85kb)
7. Directors' Report, Statement by Directors and Auditors' Report (76kb)
8. Financial Statements (57kb)
9. Notes to the Financial Statements (305kb)
10. Additional Disclosure Requirements (47kb)
11. Index of FRS Disclosure Requirements (52kb)

PricewaterhouseCoopers has exercised professional care and diligence in the preparation of this report. However, the information contained herein is intended to be a general guide and should not be used or relied upon as a substitute for specific professional advice. While every effort has been made to ensure accuracy, no liability is accepted by PricewaterhouseCoopers or any employee of the firm on any grounds whatsoever to any party in respect of any errors or omissions, or any action or omission to act a result of the information contained in this publication.

For more information or copies of this publication, please contact us .