You are required to examine 40 annual financial statements for the financial year 2019 of companies listed in the Singapore Exchange (SGX), and write a report on your findings (suitable for publication in a professional journal, for example, ISCA Journal, or The Business Times).

The accounting issues to be covered and discussed in this exercise include, but not limited to, the following:

(a) The incidence of consolidated financial statements among SGX-listed companies;

(b) The basis used for measuring non-controlling interest on acquisition date;

(c) Information (the number, the parent’s shareholding %, etc.) about subsidiaries, associates, joint ventures, and joint operations (distinguished between local and foreign subsidiary, associate, JV and JOs); and

(d) The accounting policy applied on foreign currency translation, if any.

Please design your own questionnaire to capture the data relating to the issues you wish to study. Since this is a GBA (not a final year project), you are required to just perform simple tabulation of the data. No other statistical test is required.

When you submit your report, you have to also submit to me (i) the questionnaires you have used, and (ii) the list of companies (just the full name of company) you have researched.

Sample Questionnaire

Name of company…………………………………………………………………………….…

Year ended……………………………….…………….……………..… 2019 (dd/mmm/2019)

1. The entity presented:

(a) Consolidated statement of financial position only.

(b) Consolidated statement of profit or loss and other comprehensive income only.

(c) Both the above.

(d) None of the above.

2. The reason for 1(d) above was:

(a) The entity did not have subsidiaries.

(b) The entity was an “investment entity”.

(c) The entity was exempted under paragraph 5 of SFRS(I) 10.

(d) Others (please specify).

3. The basis used for measuring non-controlling interest on acquisition date was:

(a) Not applicable (because there was no NCI).

(b) Not disclosed.

(c) Fair value.

(d) Share of fair value of net identifiable assets of subsidiary acquired.

(e) Other basis (please specify).

4. Number of Singapore-incorporated subsidiaries was:

(a) Nil.

(b) 1 to 5.

(c) 6 to 10.

(d) 11 to 20.

(e) 21 to 50.

(f) More than 50.

5. The number of Singapore-incorporated subsidiaries in which parent has the various equity shareholding at end of 2019 financial year were as follow:

(a) Less than 50%.

(b) 50%.

(c) More than 50% but less than 75%.

(d) 75% and more but less than 100%.

(e) 100%.

6. The policy on translation of foreign entities was:

(a) Not applicable (because there is no foreign entity in the group).

(b) Not disclosed.

(c) As per paragraph 32 of SFRS(I) 1-21.

(d) Others (please specify).