Panjawattana Plastic Public Company Limited

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- 19 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 20113.14 Foreign currency transactionsItems included in the financial statements of each entity in the Company and its subsidiariesare measured using Thai Baht. The consolidated financial statement are presented in Thai Baht.Transactions denominated in foreign currencies during the year are translated into Baht atthe rates of exchange ruling on the transaction dates. Realized gains and losses on foreignexchange transactions are recognized in the statements of comprehensive income as incurred.Monetary assets and liabilities denominated in foreign currencies at the statement of financialposition date are translated into Baht at the exchange rates ruling at that date. Unrealized gains andlosses on exchange are recognized in the statements of comprehensive income when incurred.The statements of comprehensive income and cash flows of foreign entities are translated intothe Company and its subsidiaries’ reporting currency at the average exchange rates for the year andfinancial position report are translated at the exchange rates ruling on the financial position report dateand shareholders’ equity is translated at the rates prevailing on the transaction date.3.15 Finance leaseLeases of assets that substantially transfer to the Company and its subsidiaries all the rewardsand risks of ownership of assets and that the Company and its subsidiaries intends to exercise theoption of the leases to purchase the assets at the expiration of the lease term, are accounted for asfinance leases.At the inception of a finance lease, the cost of the asset is recorded together with theobligation, excluding the interest element, to pay future rentals. Finance charges are charged to thecurrent period operations at the effective rate of interest.3.16 Operating leaseLease of assets under which all the risks and rewards of ownership are effectively retainedby the lessor are classified as operating lease. Lease payments under an operating lease arerecognized as expense on a straight-line basis over the lease term.3.17 Earnings per shareBasic earnings per share is calculated by dividing profit for the year by the weighted averagenumber of ordinary shares in issue during the year.92
- 20 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 20113.18 Related partiesEnterprises and individuals that directly, or indirectly through one or more intermediaries,control, or are controlled by, or are under common control with, the company, including holdingcompanies, subsidiaries and fellow subsidiaries are related parties of the company. Associates andindividuals owning, directly or indirectly, an interest in the voting power of the company that givesthem significant influence over the enterprise, key management personnel, including directors andofficers of the company and close members of the family of these individuals and companiesassociated with these individuals also constitute related parties.In considering each possible related party relationship, attention is directed to the substanceof the relationship, and not merely the legal form.3.19 The Use of Discretion and Critical Accounting EstimatesIn preparation of financial statements in conformity with generally accepted accountingstandards in Thailand, the management has to use discretion and estimation regarding matters thatare uncertain as always. Because it affecs to the amount of the revenues, expenses, assets andliabilities and information shown in notes to financial statements relating to assets and liabilitiesthat may arise. The actual result might be different from estimated number. The Use of Discretionand Critical Estimates are as follows:3.19.1 LeaseIn considering the type of lease that it is operating lease or finance lease, themanagement has used discretion in assessing the conditions and details of the contract inorder to determine whether the company has transferred or transferred the risks andbenefits of the leased assets.3.19.2 Allowance for doubtful accounts receivableIn estimating the allowance for doubtful accounts receivable, it requires managementto use discretion in the estimate of losses expected to arise from the inability to receiverepayment from each debtor by taking into payment history, age of outstanding debts, andfinancial position as at that moment.93
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ANNUAL REPORT 2012CONTENTS01 Messag
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VISION :“Panjawattana Plastic as
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