Page 271 - BAM ONE REPORT 2565 (ENGLISH VERSION)

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Form 56-1 One Report 2022
4.18 Employee benefits

Short-term employee benefits

The Company recognised salaries, wages, bonuses and contributions to the social security
fund and leave days can be carried forward for more than one year as expenses when

incurred.

Post-employment benefits

Defined contribution plans

The Company and its employees have jointly established a provident fund. The fund is
monthly contributed by employees and by the Company. The fund’s assets are held in a
separate trust fund and the Company’ s contributions are recognised as expenses when

incurred.

Defined benefit plans
The Company has obligations in respect of the payments it must make to employees upon

severance in accordance with labor law and other employee benefit plans which the Company
treats as a post-employment benefit.

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 gain and loss arising from defined benefit plans are immediately recognised in other

comprehensive income.
4.19 Provisions

Provisions are recognised in the statement of financial position when the Company has a

present obligation as a result of past events, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation. The Company reviews provisions regularly

and records changes in provisions by increasing or decreasing other operating expenses.

4.20 Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between buyer and seller (market participants) at the measurement
date.

The Company applies a quoted market price in an active market to measure those assets and

liabilities that are required to be measured at fair value under the relevant financial reporting
standards. However, if there is no active market for a similar asset or liability or a quoted
market price is not available, the Company measures fair value using valuation techniques

that are appropriate in the circumstances and maximises the use of relevant observable inputs
related to assets and liabilities that are required to be measured at fair value.

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