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FRONTKEN CORPORATION BERHAD
(651020-T)
ANNUAL REPORT
2015
24.
TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D)
(b) Defined benefit plan – Philippines (Cont’d)
Movement in the present value of defined benefit obligations:
The Group
2015
2014
RM
RM
At 1 January
152,034
-
Current service costs and interest
31,167
142,947
Actuarial losses in other comprehensive income
14,982
-
Exchange difference
29,560
9,087
At 31 December
227,743
152,034
Expenses recognised in profit or loss:
The Group
2015
2014
RM
RM
Current service costs and interests
31,167
142,947
Actuarial gains and losses recognised directly in other comprehensive income:
The Group
2015
2014
RM
RM
Actuarial losses recognised during the year
(14,982)
-
The Group defined benefit plan based on the actuarial valuation performed by an independent actuary adopting
the Projected Unit Credit method, with the following principal actuarial assumptions:
2015
i)
Retirement age
60
ii)
Discount rate (per annum)
5.48%
iii) Expected rate of salary increases (per annum)
2.00%
The Group
2015
(Decrease)/Increase
Effect on defined benefit obligations
Discount rate (per annum)
- strengthened by 1%
(15,965)
- weakened by 1%
18,244
Expected rate of salary increases (per annum)
- strengthened by 1%
16,323
- weakened by 1%
(14,537)
NOTES TO THE FINANCIAL STATEMENTS
(cont’d)