Page 109 - One Report Thai Final_ENG_2021

Tycoons Worldwide Group (Thailand) Plc.

4.9 Impairment of non-financial assets

At the end of reporting period, the Group performs impairment reviews in respect of the
property, plant and equipment and investment property whenever events or changes in
circumstances indicate that an asset may be impaired. 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. In determining value in
use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the

risks specific to the asset. In determining fair value less costs to sell, an appropriate
valuation model is used. These calculations are corroborated by a valuation model that,
based on information available, reflects the amount that the Group could obtain from the
disposal of the asset in an arm’s length transaction between knowledgeable, willing parties,
after deducting the costs of disposal.

An impairment loss is recognised in profit or loss.

4.10 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 Group and its employees have jointly established a provident fund. The fund is monthly

contributed by employees and by the Group. The fund’s assets are held in a separate trust fund
and the Group’s contributions are recognised as expenses when incurred.

Defined benefit plans
The Group has obligations in respect of the severance payments it must make to employees
upon retirement under labor law. The Group treats 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.

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