Illustrative Annual Report 2005

2005 will prove to be a very challenging year for many preparers of financial statements. In tandem with the changes to International Financial Reporting Standards (IFRS), Singapore Financial Reporting Standards (SFRS) have undergone significant changes with more than 20 new or revised SFRS effective from 1 January 2005.

These changes are far from superficial. More prescriptive rules are written, subjective assumptions and estimations are applied in many areas. The use of fair value has become more prevalent such as in the accounting for financial instruments, share-based compensation and acquisition of businesses. Extensive disclosures are also added for greater transparency and accountability.

Companies will need to devote much resources to understand these changes, manage the process and implement the changes required by these new SFRS. We have produced this 2005 Illustrative Annual Report specifically with the aim of helping our clients understand and meet the changing corporate reporting and disclosure requirements.

This publication was first released in November 2003, updated in November 2004 and the 2005 edition contains the up-to-date best practice corporate disclosures in compliance with the Singapore Companies Act, Singapore FRS and their interpretations, and the Singapore Exchange Securities Trading Listing Manual for companies with financial year ending 31 December 2005. While this publication will provide a useful reference point for preparation of this year’s annual report and/or statutory financial statements, we also encourage you to consult appropriate advisors and consultants if you have any questions or comments regarding the corporate disclosure requirements applicable for this financial year.


1. Foreword and Publication Guide (18kb)
2. List of Technical Pronouncements (19kb)
3. Comparison between FRS and IFRS (26kb)
4. Summary of Key Changes from FRS (84kb)
5. Index to Illustrative Annual Report (955kb)
6. Board of Directors and Corporate Governance Report (61kb)
7. Directors' Report, Statement by Directors and Auditors' Report (52kb)
8. Financial Statements (36kb)
9. Notes to the Financial Statements (380kb)
10. Additional Disclosure Requirements (28kb)

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 .