126 | DBS Annual Report 2016
DBS Group Holdings Ltd and its Subsidiaries
Notes to the financial statements
for the year ended 31 December 2016
These Notes are integral to the financial statements. The consolidated financial statements for the year ended 31 December
2016 were authorised for issue by the Directors on 15 February 2017.
1 Domicile and Activities
The Company, DBS Group Holdings Ltd, is incorporated and domiciled in the Republic of Singapore and has its registered office at 12 Marina
Boulevard, Marina Bay Financial Centre Tower Three, Singapore 018982.
The Company is listed on the Singapore Exchange. The Company is an investment holding, treasury and funding vehicle
for the group. Its main subsidiary is DBS Bank Ltd the Bank, which is wholly owned and engaged in a range of commercial banking and
financial services, principally in Asia.
The financial statements relate to the Company and its subsidiaries the Group and the Group’s interests in associates.
2 Summary of Significant
Accounting Policies
2.1 Basis of preparation
Compliance with Singapore Financial Reporting Standards FRS
The financial statements of the Company and the consolidated financial statements of the Group are prepared in accordance with Singapore
Financial Reporting Standards FRS and related Interpretations promulgated by the Accounting Standards Council ASC. In accordance
with Section 20118 of the Companies Act the Act, the requirements of FRS 39 Financial Instruments: Recognition and Measurement in
respect of loan loss provisioning are modified by the requirements of Notice to Banks No. 612 “Credit Files, Grading and Provisioning”
MAS Notice 612 issued by the Monetary Authority of Singapore. As permitted by Section 20110b of the Act, the Company’s income
statement has not been included in these financial statements.
The financial statements are presented in Singapore dollars and rounded to the nearest million, unless otherwise stated.
Differences between International Financial Reporting Standards IFRS and FRS
Other than the above modification to FRS related to MAS Notice 612, there are no significant differences between IFRS and FRS in terms of
their application to the Group. The consolidated financial statements and the notes thereon satisfy all necessary disclosures under IFRS and FRS.
The Group notes the intention, as announced by the ASC on 29 May 2014, for Singapore-incorporated companies listed on the Singapore
Exchange to apply a new financial reporting framework identical to IFRS with effect from 1 January 2018. The implementation of FRS 109’s
credit impairment requirements will be dependent on any changes that could be made to the current regulatory specifications and the Group
will continue to monitor developments on this front.
2.2 Significant estimates and judgement
The preparation of financial statements requires management to exercise judgement, use estimates and make assumptions in the
application of policies and in reporting the amounts in the financial statements. Although these estimates are based on management’s best
knowledge of current events and actions, actual results may differ from these estimates. Critical accounting estimates and assumptions used
that are significant to the financial statements, and areas involving a higher degree of judgement and complexity, are disclosed in Note 3.
2.3 New or amended FRS and Interpretations
