Page 113 - TLAA Annual Report 2024

THE THAI LIFE ASSURANCE ASSOCIATION.

NOTES TO FINANCIAL STATEMENT.
FOR THE YEAR ENDED JUNE 30, 2024

3. Significant accounting policies.

3.1 Recognition of income and expenses.
The association recognized revenues and expenses on an accrual basis.

3.2 Cash and cash equivalent.

Cash and cash equivalents comprise cash, cash at banks type current accounts, saving accounts, and
fixed accounts not exceeding 3 months excluding cash at banks used as collateral and highly liquid short-term

investments with original maturities of three months or less.

3.3 Short term investment – fixed deposit.

Association has deposit account in financial institutions for 12 months and a fixed investments held to
maturity.

3.4 Account receivable

Account receivable are stated at net realizable value, which will be the association's allowance for
doubtful accounts for losses. Estimated potential of collection of receivables. Which is generally based on

collection experience and analysis aging of debtor.

As at June 30, 2024 and 2023, the association considered no overdue unusual justifies the allowance

for doubtful accounts as such.

3.5 Long term investment.

Long - term investments are invested in fixed-income debt securities (Bonds) of a Ministry of Finance
and financial institution, which the association plans to hold to maturity and state at histories cost.

3.6 Properties, plant and equipment.

Properties, plant and equipment has been state at cost deduct by accumulated depreciation.

Depreciation has calculated by straight line method base on the estimated useful life of assets.

Useful life (years)
Building 50

Utilities systems 3, 10 and 20
Office equipment 5

Fixture Agreed and Accepted 5
Vehicle 5

(Mr. Sara Lamsam) (Mr. Sutti Rajitrangson)
TLAA President Treasurer

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