Panjawattana Plastic Public Company Limited

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- 17 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 2011The Company and its subsidiaries do not charge for depreciation of property and assets underconstruction and installation. Repair and maintenance are changed to the statements of comprehensiveincome during the period incurred. The cost of significant improvement is recorded in the book valueof assets if it is probable that the improvements will enable them to benefit returns over the use of thebenefits without improving the assets acquired. Major renovations are depreciated over the remaininguseful life of the related assets.Gains and losses on sales of fixed assets is the difference between the sale amount of fixedassets and the book values. The gains and losses account is presented under the statements ofcomprehensive income.The Company and its subsidiaries recognize the interest expense arose from construction inprogress as capitalized to be cost of property.Estimated costs of asset decommission, removal and renovation have to be included as assetcosts and subject to annual depreciation.The depreciation charge has to be determined separately for each significant part of an asset,when each of components has material cost compare to total cost of such asset.The Company and its subsidiaries have to review the residual value and useful life of assetsbase on consistency basis.3.10 Borrowing costsBorrowing costs directly attributed to the acquisition or construction of an asset thatnecessarily takes long time to put in ready to use or available for sale state are capitalized as part ofthe cost of the respective asset until that asset condition is ready for its intended use. All otherborrowing costs are expensed in the period they are incurred. Borrowing costs consist of interestand other costs arising from such borrowing3.11 Intangible assetsIntangible assets are stated at cost less amortization and net loss on impairment (if any).AmortizationAmortization recorded as an expense in the statements of comprehensive income calculatedby the straight - line basis period is expected to receive economic benefits of each type ofintangible assets. Long expected economic benefits are listed below.yearsComputer software 590
- 18 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 20113.12 Impairment of assetsThe Company and its subsidiaries reviews the impairment of assets for property, plant andequipment and other assets whenever events indicate that the carrying value of an asset exceeds itsrecoverable amount. The review is made for individual assets or for the cash-generating unit.In case that the carrying value of an asset exceeds its recoverable amount, the Company andits subsidiaries will recognize the impairment losses in the statements of comprehensive income.And this impairment losses shall be reversed to be an other income, when impairment indicationsmoved or declined.3.13 Employee BenefitsShort-term employment benefitsThe Company and its subsidiaries recognize salary, wage, bonus and contributions to socialsecurity fund and provident fund as expenses when incurred.Post-employment benefits (Defined contribution plans)The Company and its subsidiaries have jointed with its employees to establish a providentfund. The fund is monthly contributed by employees and by the Company and its subsidiaries. Thefund’s assets are held in a separate trust fund and the Company and its subsidiaries contributionsare recognized as expenses when incurred.Post-employment benefits (Defined benefit plans)The Company and its subsidiaries have obligations in respect of the severance payments that itmust pay to the employees upon retirement under the labor law and other employee benefit plans. TheCompany and its subsidiaries treat these severance payment obligations as a defined benefit plan.The obligation under the defined benefit plan is calculated based on the actuarial principlesby a qualified independent actuary using the projected unit credit method. Such estimates are madebased on various assumptions, including discount rate, future salary increase rate, staff turnoverrate, mortality rate, and inflation rate.Actuarial gains and losses for post-employment benefits of the employees are recognizedimmediately in profit or loss.91
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ANNUAL REPORT 2012CONTENTS01 Messag
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VISION :“Panjawattana Plastic as
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Panjawattana Plastic Public Company Limited

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