These Notes are integral to the financial statements. The consolidated financial statements for the year ended
31 December 2014 were authorised for issue by the Directors on 9 February 2015.
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 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 and joint
ventures.
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 20119 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
2014B 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
Beyond 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.
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 Adoption of new and revised accounting standards
On 1 January 2014, the Group adopted the following new or revised FRS that are issued by the ASC and relevant for the Group.
The adoption of these FRS has no significant impact on the financial statements of the Group.
AMENDMENTS TO FRS 32: OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The amendments to FRS 32 clarify the offsetting criteria in FRS 32 by explaining when an entity currently has a legally enforceable
right to set off and when gross settlement is equivalent to net settlement.
FRS 110: CONSOLIDATED FINANCIAL STATEMENTS FRS 110 introduces a new control model that focuses on whether
the Group has power over an investee, exposure or rights to variable returns from its involvement with the investee, and the
ability to use its power to affect those returns.
FRS 111: JOINT ARRANGEMENTS FRS 111 focuses on the rights and obligations of the parties to
the arrangement rather than its legal form. The two types of joint arrangements are joint operations in which the investors
have rights to the assets and obligations for the liabilities of an arrangement and joint ventures in which the investors have rights
to the net assets of the arrangement.
FRS 112: DISCLOSURES OF INTERESTS IN OTHER ENTITIES FRS 112 includes the disclosure requirements for all forms of
interests in other entities, including joint arrangements, associates, structured entities and other off-balance sheet vehicles.
INT FRS 121: LEVIES INT FRS 121 sets out the accounting for an obligation to pay a levy
that is not income tax.
In addition to the above, a number of new standards and amendments to standards are effective for annual periods
beginning after 1 January 2014. The Group has not applied these standards or amended standards in preparing these financial
statements. None of them is expected to have a significant effect on the financial statements of the Group and the Company other
than FRS 109.
Notes to the Financial Statements
DBS Group Holdings Ltd and its Subsidiaries
for the year ended 31 December 2014
FRS 109: Financial Instruments FRS 109 replaces the existing guidance in FRS 39 Financial
Instruments: Recognition and Measurement. It includes revised guidance on the classification and measurement of financial
instruments and introduces a new expected credit loss model for impairment of financial assets as well as new requirements for
general hedge accounting. The standard is effective for annual reporting periods beginning on or after 1 January 2018. Early
adoption is permitted.
A summary of the most significant group accounting policies is described further below starting with those relating to the entire
financial statements followed by those relating to the income statement, the balance sheet and other specific topics. This does
not reflect the relative importance of these policies to the Group.
A GENERAL ACCOUNTING POLICIES
2.4 Group Accounting
