Annual Report 2012 - ecoWise Holdings Limited

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64ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)Employee BenefitsShort-Term Employee BenefitsShort-term employee benefit obligations are measured on an undiscounted basis and are expensed as therelated services are provided.A liability is recognised for the amount expected to be paid if the Group has a present legal or constructiveobligation to pay this amount as a result of past service provided by the employee and the obligation canbe estimated reliably.For employee leave entitlement, the expected cost of short-term employee benefits in the form ofcompensated absences is recognised in the case of accumulating compensated absences when theemployees render service that increases their entitlement to future compensated absences; and in the caseof non-accumulating compensated absences, when the absences occur. A liability for bonuses is recognisedwhere the Group is contractually obliged or where there is constructive obligation based on past practice.Defined Contribution BenefitsContributions to defined contribution retirement benefit plans are recorded as an expense as they fall due.The Group’s legal or constructive obligation is limited to the amount that it agrees to contribute to anindependently administered fund, such as the Central Provident Fund in Singapore and Employees ProvidentFund in Malaysia.Defined Benefit PlanThe Group operates an unfunded defined benefit plan for qualifying employees of its subsidiaries in Malaysia.In accordance with the terms of their employment contracts, the benefits are calculated based on the lastdrawn salaries, length of services and the rates set out in the employment contracts. The Group’s obligationsunder the defined benefit plan, calculated using the projected unit credit method, are determined based onactuarial assumptions and computations. Actuarial assumptions are updated for any material transactionsand changes in circumstances at each end of the reporting year.
ecoWise Holdings Limitedannual report 20126531 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)Employee Benefits (Continued)Share-Based CompensationBenefits to employees, including the directors, are provided in the form of share-based paymenttransactions, whereby employees render services in exchange for shares or rights over shares (“equity-settledtransactions”). The fair value of the employee services rendered is determined by reference to the fair valueof the shares awarded or granted, excluding the impact of any non-market vesting conditions. The fairvalue is determined by reference to the fair value of the shares awarded or granted on grant date. This fairvalue amount is charged to the profit or loss over the vesting period of the share-based payment scheme,with the corresponding increase in equity. The value of the charge is adjusted in the profit or loss over theremainder of the vesting period to reflect expected and actual levels of shares vesting, with the correspondingadjustment made in equity. Cancellations of grants of equity instruments during the vesting period (otherthan a grant cancelled by forfeiture when the vesting conditions are not satisfied) are accounted for as anacceleration of vesting, therefore any amount unrecognised that would otherwise have been charged isrecognised immediately in the profit or loss.Income TaxIncome tax expense comprises current tax and deferred tax. Current and deferred taxes are recognised asan income or an expense in the profit or loss. The income taxes payables are accounted using the assetand liability method that requires the recognition of taxes payable or refundable for the current year anddeferred tax liabilities and assets for the future tax consequence of events that have been recognised in thefinancial statements or tax returns.The measurements of current and deferred tax liabilities and assets are based on provisions of the enactedor substantially enacted tax laws at the end of each reporting year; the effects of future changes in tax lawsor rates are not anticipated.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same incometax authority.
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