Annual Report 2009 - Asian Productivity Organization

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US dollars at the appropriate rate of exchange on the balance sheet date. For revenue and expense accounts, average rates for the month of the transactions are applied. Revenue and expense accounts of other currencies except Japanese yen are translated into US dollars at rates that approximate those rates prevailing at the time of the transactions. The resulting unrealized gain/loss from translation is included in exchange gain/loss in the statement of revenues and expenses. (11) Taxes The Organization is exempt from direct taxes on assets or income and from customs duties. (12) Use of estimates The Organization makes estimates and assumptions to prepare the financial statements. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. 3. Cash and cash equivalents Cash and cash equivalents include all highly liquid investments, generally with original maturities of three months or less, which are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. Money market funds, which are treated as cash and cash equivalents except for specific use in the funds for severance payments, are carried at cost plus accrued interest, which approximates market value. 4. Receivables of membership contributions, participating country expenses, and others The allowance for receivables of membership contributions overdue for one year and longer amounts to $540,993 and it includes the allowance for a long-outstanding receivable for the membership contribution from Hong Kong since 31 December 1999, amounting to $248,125, because there has been no communication with Hong Kong after the transfer of sovereignty. The Organization has also recorded allowance for the outstanding debt for receivables of participating country expenses and others from member countries as of 31 December 2009, amounting to $4,837 and $10,125, respectively. Allowances for outstanding debts as of 31 December 2009 and 2008 were as follows: Receivables overdue for 1 year and longer Membership contributions Participating country expenses 2009 2008 Provided by Allowance Provided by Allowance percent of percent of 100 $540,993 100 $675,876 100 4,837 100 5,240 Others 100 10,125 100 13,088 $555,955 $694,204 FINANCIAL REPORT APO ANNUAL REPORT 2009 111
FINANCIAL REPORT 112 Movements in the allowance for outstanding debts for the year ended 31 December 2009 were as follows: Balance at beginning of the year Amounts recovered during the year 5. Special cash grants Membership contributions Participating country expenses Others Total $675,876 $5,240 $13,088 $694,204 (363,633) (1,232) (2,963) (367,828) Loss recognized on receivables 228,750 829 229,579 Balance at end of the year $540,993 $4,837 $10,125 $555,955 Special cash grants are used for specific programs and other administrative expenses for which member governments are encouraged to cooperate with the APO in addition to their membership contributions. The detailed amounts of the special cash grants received for the years ended 31 December 2009 and 2008 were as follows: Purpose of grants 2009 2008 Project costs $677,438 $572,324 Office rent 726,060 665,556 $1,403,498 $1,237,880 6. Allocation to project costs The APO mainly allocated salary expenses of staff who directly undertake project activities from administrative expenses to project costs. 7. Fund for severance payments The balances of the fund for severance payments represent the amounts for the severance payments resulting from employees’ termination of employment and comprise the following: 2009 2008 Insurance endowment fund $1,760,447 $1,752,302 Money market fund 1,468,161 1,482,525 $3,228,608 $3,234,827 The fund for severance payments is exposed to a variety of financial risks, including the effects of change in debt and equity market prices, foreign currency exchange rates, and interest rates. The Organization has a policy of considering economic conditions at the time of the contract and consistently monitors the effectiveness of its selection. In 2001, the APO purchased three types of insurance for each
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ii © 2010 by Asian Productivity Or
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Foreword The Asia-Pacific continued
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nomic and development policies and
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51ST SESSION OF THE APO GOVERNING B
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NPS had initiated a productivity pr
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countries in computing total factor
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(EPIF) in March. He added that the
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in-country projects were held in IR
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INDUSTRY AND SERVICE SECTORS 16 ven
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INDUSTRY AND SERVICE SECTORS 18 SME
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INDUSTRY AND SERVICE SECTORS 20 man
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INDUSTRY AND SERVICE SECTORS 22 for
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INDUSTRY AND SERVICE SECTORS 24 onl
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INDUSTRY AND SERVICE SECTORS 26 foc
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INDUSTRY AND SERVICE SECTORS 28 tio
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INTERFACE SECTOR 30 Green Productiv
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INTERFACE SECTOR 32 that the three
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INTERFACE SECTOR 34 environmental p
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INTERFACE SECTOR 36 to plan and con
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INTERFACE SECTOR 38 plan for undert
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INTERFACE SECTOR 40 and meet the ne
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AGRICULTURE SECTOR 42 Agriculture M
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AGRICULTURE SECTOR 44 Exporting Agr
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AGRICULTURE SECTOR 46 (IINCHU) at t
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AGRICULTURE SECTOR 48 and processed
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AGRICULTURE SECTOR 50 of Agricultur
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AGRICULTURE SECTOR 52 and expands a
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AGRICULTURE SECTOR 54 tings for the
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INDIVIDUAL-COUNTRY PROGRAMS 56 a fe
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EVALUATION OF APO PROJECTS 58 EVALU
Page 67 and 68: INFORMATION PROGRAM 60 INFORMATION
Page 69 and 70: INFORMATION PROGRAM 62 of almost al
Page 71 and 72: INTERNATIONAL COOPERATION 64 Africa
Page 104 and 105: Individual-country Programs Individ
Page 109 and 110: 102 Individual-country Internationa
Page 111 and 112: FINANCIAL REPORT 104 INDEPENDENT AU
Page 113 and 114: FINANCIAL REPORT 106 ASIAN PRODUCTI
Page 115 and 116: FINANCIAL REPORT 108 ASIAN PRODUCTI
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Page 121 and 122: FINANCIAL REPORT 114 10. Reports of
Page 124: Guide to Abbreviations and Acronyms
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Annual Report 2009 - Asian Productivity Organization

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