Page 158 - Mono Technology Public Company Limited : Annual Report 2014 EN

4.10 Foreign currencies

The consolidated and separate financial statements are presented in Baht, which is also the Companys
functional currency. Items of each entity included in the consolidated financial statements are measured

using the functional currency of that entity.

Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Baht
at the exchange rate ruling at the end of reporting period.

Gains and losses on exchange are charged to profit or loss

4.11 Impairment of assets

At the end of each reporting period, the Company and its subsidiaries perform impairment reviews in respect
of assets whenever events or changes in circumstances indicate that an asset may be impaired. The Company
and its subsidiaries also carry out annual impairment reviews in respect of intangible assets with indefinite
useful lives. An impairment loss is recognised when the recoverable amount of an asset, which is the higher

of the assets fair value less costs to sell and its value in use, is less than the carrying amount.

4.12 Employee benefits

Short-term employee benefits

Salaries, wages, bonuses and contributions to the social security fund are recognised as expenses when incurred.

Post-employment benefits

Defined contribution plans

The Company, its subsidiaries and its employees have jointly established a provident fund. The fund is monthly
contributed by employees and by the Company and its subsidiaries. The funds assets are held in a separate
trust fund and contributions of the Company and its subsidiaries are recognised as expenses when incurred.

Defined benefit plans

The Company and its subsidiaries have obligations in respect of the severance payments they must make
to employees upon retirement under labor law. The Company and its subsidiaries treat these severance
payment obligations as a defined benefit plan.

The obligation under the defined benefit plan is determined by a professionally qualified independent
actuary based on actuarial techniques, using the projected unit credit method.

Actuarial gains and losses arising from post-employment benefits are recognised immediately in other
comprehensive income.

The defined benefits liability comprises the present value of the defined benefit obligation less
unrecognised past service cost and unrecognised actuarial gains or losses.

158