Page 115 - TLAA Annual Report 2024
P. 115
THE THAI LIFE ASSURANCE ASSOCIATION.
NOTES TO FINANCIAL STATEMENT.
FOR THE YEAR ENDED JUNE 30, 2024
3.7 Intangible assets.
Computer software has amortized to expense on a straight line basis over their useful lives over 3-10
years.
3.8 Foreign currency transactions
Transactions in foreign throughout the year are recorded in Baht at rate prevailing at the date of transaction.
Assets and liabilities denominated in foreign currencies which are outstanding at the balance sheets date are
converted to Baht by the reference exchange rate: buying rate for the assets and selling rate for the liabilities
prescribed by Bank of Thailand. Gains or losses from the currencies translation of assets and liabilities are
credited or changed to current operations.
3.9 Employee benefit.
The association has recorded employee benefit obligation from the estimate of liabilities with commitment
resulting from the past event that has occurred and possible will waste economic resources. To relieve
in commitment, the association can reliably estimate the value of the obligation by calculation from the
estimated lifetime of the projection is estimated. The Code of Conduct for Employee Benefits has been
established as follows:
The Association has determined that employees who work before November 1, 2011, with more than 10
years of age, calculate employee benefits with the introduction of the final salary base in each person multiply
by the lifetime of the individual (up to the present time) and compare it with previous estimates to improve or
decrease with the currently calculated data. Employee benefits are recognized in the obligation. Employee
benefits and presented in non-current liabilities as at the statement of financial position date.
The association has a policy on employee benefits for employees who work until retirement to be eligible
for benefits under the Labor Protection Act and in the revised section Labor Protection Act No. 7
3.10 Provident fund.
The Association provides provident fund for all employees. This is the nature of the contribution plan
as determined by contribution plan. The assets of provident fund are separated from the assets of the association.
And managed by an outside fund manager. The provident fund are funded by employee benefits and
contributions from the association. Contributions to the provident fund are recognized as an expense items in
the income statement - expenses for the period in which they are incurred.
Agreed and Accepted
(Mr. Sara Lamsam) (Mr. Sutti Rajitrangson)
TLAA President Treasurer
รายงานประจำาปี 2567 Annual Report 2024 115
