Page 235 - BTSGroup ONE REPORT 2021/22_EN

BTS Group Holdings Public Company Limited
Annual Report 2021/22
4.23 Impairment of non-f nancial assets
At the end of each reporting period, the Group performs impairment
reviews in respect of assets whenever events or changes in circumstances
indicate that an asset may be impaired. The Group also carries out
annual impairment reviews in respect of goodwill and intangible assets
with indefinite useful lives. An impairment loss is recognised when the
recoverable amount of an asset, which is the higher of the asset’s fair
value less costs to sell and its value in use, is less than the
carrying amount. In determining value in use, the estimated future cash flows
are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and
the risks specific to the asset. In determining fair value less costs to sell,
an appropriate valuation model is used. These calculations are
corroborated by a valuation model that, based on information available,
reflects the amount that the Group could obtain from the disposal of
the asset in an arm’s length transaction between knowledgeable, willing
parties, after deducting the costs of disposal.
An impairment loss is recognised in profit or loss. However, in cases
where property, plant and equipment were previously revalued and the
revaluation was taken to equity, a part of such impairment is recognised
in equity up to the amount of the previous revaluation.
In the assessment of asset impairment (except for goodwill), if there
is any indication that previously recognised impairment losses may no
longer exist or may have decreased, the Group estimates the asset’s
recoverable amount. A previously recognised impairment loss is reversed
only if there has been a change in the assumptions used to determine
the asset’s recoverable amount since the last impairment loss was
recognised. The increased carrying amount of the asset attributable to
a reversal of an impairment loss shall not exceed the carrying amount
that would have been determined had no impairment loss been recognised
6.4 Notes to Consolidated Financial Statements 233
for the asset in prior years. Such reversal is recognised in profit or
loss unless the asset is carried at a revalued amount, in which case
the reversal, which exceeds the carrying amount that would have been
determined, is treated as a revaluation increase.
4.24 Employee benef ts
Short-term employee benefits
Salaries, wages, bonuses and contributions to the social security fund
are recognised as expenses when incurred.
Post-employment benefits and other long-term employee benefits
Defined contribution plans
The Group and its employees have jointly established a provident fund.
The fund is monthly contributed by employees and by the Group.
The fund’s assets are held in a separate trust fund and the Group’s
contributions are recognised as expenses when incurred.
Defined benefit plans and other long-term employee benefits
The Group has obligations in respect of the severance payments they
must make to employees upon retirement under labor law. The Group
treats these severance payment obligations as a defined benefit plan.
In addition, the Group provides other long-term employee benefit plan,
namely long service awards.
The obligation under the defined benefit plan and other long-term
employee benefit plan is determined by a professionally qualified
independent actuary based on actuarial techniques, using the projected
unit credit method.
Actuarial gains and losses arising from defined benefit plans are
recognised immediately in other comprehensive income.