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Annual Report
2015
2.10
Intangible assets
Intangible assets, computer software, patent and right in
operation, that are acquired by the Group, which have finite useful
lives, are recognised at cost less accumulated amortisation
and impairment losses. Intangible assets are amortised in the
statement of comprehensive revenuesandexpensesonastraight-line
basis over their estimated useful lives from the date that they are
available for use. The estimated useful lives are 5 - 10 years.
Costs associated with developing or maintaining computer
software are recognised as expenses as incurred in the
statement of comprehensive revenues and expenses. Costs that are
directly associated with identifiable and unique software products
controlled by the Group and have probable economic benefits
exceeding the cost beyond one year are recognised as intangible
assets. Direct costs include the purchase price and an appropriate
portion of relevant overheads to allow such asset to be ready for
its intended use. Expenditure which is incurred to enhance or
extend the performance of computer software beyond its original
specifications is recognised as an intangible asset.
Management determines the estimated useful lives of
intangible assets. Management will revise the amortisation
charge where useful lives differ from the previous estimations
or it will write-off technically obsolete assets or assets which
have been sold or abandoned.
2.11
Impairment
Assets that have an indefinite useful life are not subject to
amortisation and are tested annually for impairment. Assets that
are subject to amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised
for the amount by which the carrying amount of the assets exceeds
its recoverable amount. The recoverable amount is the higher of
an asset’s fair value less costs to sell and value in use. For the
purposes of assessing impairment, assets are grouped at the
lowest level for which there are separately identifiable cash flows.
Non-financial assets that suffered an impairment are reviewed
for possible reversal of the impairment at each reporting date.
2.12
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair
value less attributable transaction charges. Subsequent to initial
recognition, interest-bearing liabilities are stated at amortised
cost with any difference between cost and redemption value
being recognised in the statement of comprehensive revenues
and expenses over the period of the borrowings on an effective
interest basis.
2.13
Trade and other accounts payable
Trade and other accounts payable are stated at cost.
2.14
Employee benefits
2.14.1 Retirement benefits
The Group operates various retirement benefits schemes. The
Group has both defined benefit and defined contribution plans.
A defined contribution plan is a retirement plan under
which the Group pays fixed contributions into a separate entity.
The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay
all employees the benefits relating to employee service in the
current and prior periods. The Group pays contributions to a
separate fund which is managed by an external fund manager
in accordance with the provident fund Act. B.E. 2530. The
Group has no further payment obligations once the contributions
have been paid. The contributions are recognised as employee
benefit expense when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash refund or
a reduction in the future payments is available.
A defined benefit plan is a retirement plan that is not
a defined contribution plan. Typically defined benefit plans define
an amount of retirement benefit that an employee will receive
on retirement, usually dependent on one or more factors such
as age, years of service and compensation.