Page 134 - Mono Technology Public Company Limited : Annual Report 2013

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 the income statement.

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 asset’s 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 fund’s
assets are held in a separate trust fund and the Company and its subsidiaries’ contributions are

recognised as expenses when incurred.

Defined benefit plans

The Company and its subsidiaries have obligations in respect of the severance payments it 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 the income statement.

The defined benefits liability comprises the present value of the defined benefit obligation less

unrecognised past service cost and unrecognised actuarial gains or losses.

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