Annual Report 2009 - Asian Productivity Organization

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employee, of which the beneficiary is the APO. The purpose of this insurance is to pay for the severance payments, and approximately 57% of the liability for severance payments was insured as of the balance sheet date. In addition, the Organization manages a money market fund in Japanese yen for the purpose of severance payments. Net gains on the fund for severance payments for the years ended 31 December 2009 and 2008 were $30,602 and $36,250, respectively, and were included in miscellaneous revenues. 8. Liability for severance payments The Organization applied actuarial valuations of the present value of the defined benefit obligation as of 31 December 2009, and the calculation was carried out by an external certified actuary consultant. For the purposes of the actuarial valuations, the Organization adopted the discount rate of 1.5% per annum for the years ended 31 December 2009 and 2008. The expected rate of salary increases was not applied in determining the projected benefit obligation, because the benefit obligations were determined using the table of fixed salaries and the benefit formulas of the Organization’s plan did not contain factors relating to compensation levels. Amounts recognized in profit or loss in respect of the defined benefit plan were as follows: 2009 Current service cost $318,028 Interest on obligation 42,081 Amortization of unrecognized transitional liability 102,379 Net periodic pension cost $462,488 Movements in the present value of the defined benefit obligation in the current period, and the amount included in the balance sheets arising from the Organization’s obligation in respect of its defined benefit plan were as follows: 2009 2008 Opening defined benefit obligation $2,928,704 Current service cost 318,028 Interest cost 42,081 Actuarial gains (58,623) Benefits paid (62,192) Foreign currency translation adjustments (26,733) Closing defined benefit obligation $3,141,265 $2,928,704 Unrecognized transitional liability (105,717) (213,758) Unrecognized actuarial gains 60,533 Net liability arising from defined benefit obligation $3,096,081 $2,714,946 9. Operating leases The Organization leases office space under a cancelable lease agreement. The lease was extended for another two years on the expiration date of 31 December 2009, and it can be terminated at any time by either party with six-month advance notice in writing. No rental deposit for the lease has been paid to the building owner. Rental expenses under operating leases for the years ended 31 December 2009 and 2008 were $766,450 and $689,660, respectively. FINANCIAL REPORT APO ANNUAL REPORT 2009 113
FINANCIAL REPORT 114 10. Reports of member countries’ projects and other projects Various projects of the Organization are fully or partially implemented by member governments and others. Costs incurred by such member governments and others are reported to the Organization, and these amounts are recorded as project implementation grants and corresponding project implementation costs. FINANCIAL REPORT
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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
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INFORMATION PROGRAM 60 INFORMATION
Page 69 and 70: INFORMATION PROGRAM 62 of almost al
Page 71 and 72: INTERNATIONAL COOPERATION 64 Africa
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Page 111 and 112: FINANCIAL REPORT 104 INDEPENDENT AU
Page 113 and 114: FINANCIAL REPORT 106 ASIAN PRODUCTI
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Page 117 and 118: FINANCIAL REPORT 110 (3) Fixed asse
Page 119: FINANCIAL REPORT 112 Movements in t
Page 124: Guide to Abbreviations and Acronyms
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Annual Report 2009 - Asian Productivity Organization

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