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FIMA CORPORATION BERHAD
(21185-P) |
Annual Report
2016
NOTES TO THE FINANCIAL
STATEMENTS 31 MARCH 2016
(contd.)
28. RETIREMENT BENEFIT OBLIGATIONS
The foreign subsidiary in Indonesia operates an unfunded defined benefit plan for its eligible employees. The
obligations under the retirement benefit are calculated using the projected unit credit method, is determined
by a qualified independent actuary, considering the estimated future cash outflows using market yields at
the reporting date of high quality corporate bonds. The latest actuarial valuation was carried out using the
employee data as at 31 March 2016.
(a) The amounts recognised in the statement of financial position are determined as follows:
Group
2016
2015
RM’000
RM’000
Present value of unfunded defined benefits obligations
1,391
1,634
Analysed as:
Non-current
1,391
1,634
(b) The amounts recognised in the profit or loss are as follows:
Group
2016
2015
RM’000
RM’000
Current service cost
19
108
Past service cost
(19)
-
Interest cost
69
74
Total, included in staff costs (Note 7)
69
182
(c) Movements in the net liability during the financial year are as follows:
Group
2016
2015
RM’000
RM’000
At 1 April 2015/2014
1,634
1,465
Recognised in profit or loss (Note 6)
69
182
Benefits paid
(14)
-
Remeasurement of defined benefit liability
(354)
-
Exchange differences
56
(13)
At 31 March
1,391
1,634