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Temasek Group Financials are a consolidation of financial information of Temasek and its operating subsidiaries, such as PSA, Singapore Airlines, Singtel and ST Engineering.
In 2018, Temasek adopted the International Financial Reporting Standards (IFRS), in line with Singapore's convergence with IFRS. This included the adoption of IFRS 9: Financial Instruments in 2018 and IFRS 16: Leases in 2019. You can find out more information here.
We are the auditors of Temasek Holdings (Private) Limited (“Temasek”). We have audited the statutory consolidated financial statements of Temasek and its subsidiaries (the “Group”) for the financial years ended 31 March 2008 to 2020 and have issued unmodified audit reports. The statutory consolidated financial statements for the financial years ended 31 March 2002 to 2007 were audited by PricewaterhouseCoopers LLP whose auditors' reports were also unmodified.
Under the Singapore Companies Act, Chapter 50, Temasek is an exempt private company and is not required to publish its statutory consolidated financial statements.
Management is responsible for the preparation and presentation of the Group Financial Summary for the financial years ended 31 March 2002 to 2020. The Group Financial Summary consists of the Group Income Statements, Group Balance Sheets and Group Cash Flow Statements as at and for the financial years ended 31 March 2002 to 2020 and Group Statements of Changes in Equity for the financial years ended 31 March 2019 and 2020, which is derived from the statutory consolidated financial statements that were prepared in accordance with applicable financial reporting standards, for inclusion in the Temasek Review. The Group Financial Summary does not contain all the disclosures required by the applicable financial reporting standards applied in the preparation of the statutory consolidated financial statements. Reading the Group Financial Summary, therefore, is not a substitute for reading the statutory consolidated financial statements.
Our responsibility is to express an opinion on whether the Group Financial Summary for the financial years ended 31 March 2004 to 2020 is consistent, in all material respects, with the statutory consolidated financial statements based on our procedures, which were conducted in accordance with Singapore Standard on Auditing (SSA) 810 (Revised) — Engagements to Report on Summary Financial Statements.
In our opinion, the accompanying Group Financial Summary for the financial years ended 31 March 2004 to 2020 is consistent, in all material respects, with the statutory consolidated financial statements for each of the respective years.
The Group Financial Summary for the financial years ended 31 March 2002 to 2003 were extracted from the statutory consolidated financial statements for each of the respective years.
Public Accountants and Chartered Accountants
Singapore
31 August 2020