Page 119 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

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 for the asset in prior years. Such reversal is recognised in profit or loss.

4.10 Employee benefits

Short-term employee benefits

Salaries, wages, bonuses and contributions to the social security fund are recognised as
expenses when incurred.

Post-employment 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

The Group has obligations in respect of the severance payments it must make to employees

upon retirement under labor law. The Group treats these severance payment obligations as
a defined benefit plan.

The obligation under the defined 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 post- employment benefits are recognised
immediately in other comprehensive income.

Past service costs are recognised in profit or loss on the earlier of the date of the plan
amendment or curtailment and the date that the Group recognises restructuring-related

costs.

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