Singaporean Accounting at Its Best

[hairylee]

A few Indian Accountant here.

 

[jw5]

This approach is better than carrying a lemon in your books at the price you paid, that is, $1.65b and then shocking everyone with huge write off when it is finally sold.

The key question is what basis of judgement they used when they decided to pay $1.65 b for what turned out to be a lemon.
The subsequent write off and recent accounting profit on disposal were "by the book".
But paying $1.65 b for an acquisition and then selling it for $360 million, someone or some people have got to be accountable for that.

 

[Narong Wongwan]

The key question is what basis of judgement they used when they decided to pay $1.65 b for what turned out to be a lemon.
The subsequent write off and recent accounting profit on disposal were "by the book".
But paying $1.65 b for an acquisition and then selling it for $360 million, someone or some people have got to be accountable for that.

no need to account........they learn from the Queen Dowager......our money is gambling fund for Leegime

 

[shelltox]

what SIA did is conservative account, what olam do is progressive accounting

 

[halsey02]

what SIA did is conservative account, what olam do is progressive accounting

What they all do is CREATIVE accounting!! that is why they employ FT's whose tongues shift from left to right & back, when questioned..and they have "billant ansers".. ha ha ha ha

 

[mojito]

All in accordance to accounting rules I suspect. This Balding chap is starting to sound silly. How much did he pay for his PhD again?

 

[batman1]

So Singapore Airlines purchased its 49% stake in Virgin Atlantic for $1,650 million SGD many years ago,recorded it at $38 million and sold it for $360 million,record a nett $322 million profit.SIA proudly reported to its shareholders and stakeholders of Temasek Holding
This require the service of a brilliant maths genius,guess who is the maths genius from Cambridge?

SQ has written off S$1,612 million in previous periods as Diminution In Value Of Investment.The Investment in Associate (Virgin Atlantic) has diminished by 98% !!! The Investment In Associate is further eroded by Losses from Associate if Virgin Atlantic incurred Accumulated Losses in previous periods.
What SQ has done is known as window-dressing or creative accounting.

 

[winnipegjets]

One fact is clear - SIA lost half a billion dollars on its investment in Virgin. In 2012 dollar, it is definitely more.