Illustrative Annual Report 2021 - PwC

The New Equation: Building trust and delivering sustained outcomes

Illustrative Annual Report 2021

sg

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 156 countries with over 295,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at sg. PwC Singapore operates on a collaborative basis with PwC China, Hong Kong, Macau and Taiwan, subject to local applicable laws. Collectively, we have around 1082 partners and a strength of more than 27,000 people. As a leading professional services firm, we count among our clients, top-tier companies listed on the stock exchanges in the respective cities, including the Singapore Exchange, multinationals and emerging local companies.

This publication is available for free download by registering at Alternatively, you can scan this QR code.

@2021 PricewaterhouseCoopers LLP. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see structure for further details. The information in this publication does not constitute professional advice. If professional advice is required, the services of a competent professional should be sought. Neither PricewaterhouseCoopers LLP (Singapore) nor any employee of the firm shall be liable for any damage or loss of any kind on any ground whatsoever suffered as a result of any use of or reliance on this publication. "PricewaterhouseCoopers LLP" is the Singapore member firm of the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. No part of this publication may be reproduced or transmitted in any form or by any means or stored in a database or retrieval system, without the prior written permission of PricewaterhouseCoopers LLP.

Publication guide

Scope

This publication illustrates the consolidated financial statements of a fictitious Singaporeincorporated company listed on the Mainboard of the Singapore Exchange Limited ("SGX"), PwC Holdings Ltd (the "Company") and its subsidiaries (the "Group") for the year ended 31 December 2021. The consolidated financial statements comply with Singapore Financial Reporting Standards (International) ("SFRS(I)").

The names of people and entities included in this publication are fictitious. Any resemblance to a person or entity is purely coincidental.

Disclosures not illustrated

The disclosures in the illustration below do not cover every potential transaction that entities may have to disclose, but rather, those which are relevant to the circumstances of PwC Holdings Ltd.

Depending on individual facts and circumstances, other disclosures may be relevant that are not applicable to PwC Holdings Ltd. Certain disclosures are included in these financial statements merely for illustrative purposes only, even though they may be regarded as items or transactions that are not material for the Group.

The sample disclosures in this illustrative annual report should not be considered to be the only acceptable form of presentation. The form and content of each reporting entity's annual report are the responsibility of the entity's directors/management and other forms of presentation which are equally acceptable may be preferred and adopted, provided they include the specific disclosures prescribed in the Singapore Companies Act, SGX Securities Trading Listing Manual and SFRS(I).

The illustrative financial statements contained in this annual report are not substitutes for reading the legislation or standards themselves, or for professional judgement as to fairness of presentation. They do not cover all possible disclosures required by the Singapore Companies Act, SGX Securities Trading Listing Manual and SFRS(I)s. Depending on the circumstances, further specific information may be required in order to ensure fair presentation and compliance with laws, accounting standards and stock exchange regulations in Singapore.

At the time of writing, the COVID-19 pandemic continues to evolve and develop, and most entities will be affected by this pandemic in one form or another. IBOR reform is also expected to affect a significant number of entities. The impact arising from the COVID-19 pandemic and the IBOR reform (Phase 2) on the financial statements are not illustrated in the main body of this publication. Instead, we have provided certain illustrative examples or guidance in Appendix 2 and 3 of this publication.

Effective date

The standards applied in these illustrative financial statements are based on the SFRS(I) version in issue as at 30 September 2021 and effective for annual periods beginning on 1 January 2021. SFRS(I)s issued as at 30 September 2021 but not yet effective for annual periods beginning after 1 January 2021 have not been early adopted in these illustrative financial statements.

We remind users to check for any changes in the standards that are mandatory for application or can be early applied which are updated between 30 September 2021 and the end of the entity's reporting period, and ensure that these are appropriately reflected in the financial statements.

Illustrative Annual Report 2021 3

Guidance notes

Direct references to the source of disclosure requirements are included in the reference column on each page of the illustrative financial statements. Guidance notes are provided where additional matters may need to be considered in relation to a particular disclosure. These notes are inserted within the relevant section or note.

Similarly, the corporate governance disclosures illustrated in this annual report are not meant to be templates for all reporting entities. The board of directors/management for each reporting entity should formulate the corporate strategies and control measures tailored to the entity's particular circumstances and corporate governance processes. It therefore follows that corporate governance disclosures in annual reports will necessarily differ from one reporting entity to the other.

Seek professional advice

The information in this publication does not constitute professional advice. If professional advice is required, the services of a competent professional should be sought. Neither PricewaterhouseCoopers LLP (Singapore) nor any employee of the firm shall be liable for any damage or loss of any kind on any ground whatsoever suffered as a result of any use of or reliance on this publication.

Summary of resources

This publication includes links to relevant websites or accounting guidance published by PwC. These resources provide additional information and are supplementary to the illustrative disclosures presented in this Illustrative Annual Report and are summarised in this page.

PwC Singapore Websites 1. Sustainability and climate change 2. A Resilient Tomorrow: COVID-19 Recovery and Transformation

PwC Accounting Guidance 1. PwC's Viewpoint 2. PwC In-Depth `Financial reporting considerations for supplier finance arrangements' 3. PwC In-Depth `Accounting implications of the effects of coronavirus' 4. PwC In-Depth `Practical guide to Phase 1 amendments IFRS 9, IAS 39 and IFRS 7 for IBOR reform' 5. PwC In-Depth `Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform'

Illustrative Annual Report 2021 4

Foreword

The New Equation: Building trust and delivering sustained outcomes The year 2021 marks a unique moment in history. Technological disruption, climate change, fractured geopolitics and the continued effects of the COVID-19 pandemic have created fundamental shifts in society, changing the game for businesses, governments and individuals. The uncertainties brought about by the pandemic and the increasingly complex environmental impact have made corporate reporting ever more challenging. As businesses adjust to the new normal, the focus is on developing sustainable and innovative ways to transform business practices, while building trust with stakeholders and delivering sustained outcomes. This publication continues to provide certain illustrative disclosures on the impact of COVID-19 in the financial statements under Appendix 2. Three key highlights in 2021 i. Sustainability report Sustainability reporting is becoming increasingly important for companies across the globe. This is against the backdrop of fast evolving consumer preferences, enhanced government regulation and extreme climate change events. Investors are asking for more holistic information about companies' long-term value creation opportunities and their wider impact on the society and the environment. Consequently, the call for mandatory climate-related disclosures has gained momentum globally. In Singapore, the SGX issued a public consultation in August 2021 proposing for issuers to provide climate-related disclosures in line with the Task Force on Climate-Related Financial Disclosure (TCFD) recommendations. While the requirements are yet to be finalised, this publication has included voluntary disclosures as per the TCFD recommendations as part of the Sustainability Report 2021.

Illustrative Annual Report 2021 5

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download