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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Schedule of Relevant Exchange Rates of US Dollar and Israeli CPI | The following table presents data regarding the dollar exchange rate of relevant currencies and the Israeli CPI:
|  | Exchange rate of one US dollar |  |  | Israeli CPI(*) |
|  | NIS |  |  | Real |  |  | Argentinian Pezo (**) |  |  |  |
At December 31, |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  | 3.748 |  |  |  | 3.8748 |  |  |  | 37.801 |  |  | 113.95 points |
2017 |  |  | 3.467 |  |  |  | 3.3080 |  |  |  | 18.774 |  |  | 113.05 points |
2016 |  |  | 3.845 |  |  |  | 3.2591 |  |  |  | 15.850 |  |  | 112.59 points |
Increase (decrease) during the year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  | 8.10 | % |  |  | 17.13 | % |  |  | 101.35 | % |  |  | 0.8 | %
2017 |  |  | (9.83 | )% |  |  | 1.50 | % |  |  | 18.45 | % |  |  | 0.4 | %
2016 |  |  | (1.46 | )% |  |  | (16.54 | )% |  |  | 21.87 | % |  |  | (0.2 | )%
| (*) | Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.
| (**) | commencing the third quarter of 2018 the Argentinian economy declared as a hyperinflationary economy (See above).
Schedule of Depreciation Rates |
| 2. | Rates of depreciation:
| %
Operating equipment (mainly 20%-33%) | 6.5-33
Office furniture, equipment and computers | 7-33
Buildings | 2.5
Vehicles | 15
Leasehold improvements | Duration of the lease which is less or equal to useful life.
Schedule of Intangible Assets Useful Lives | As of December 31, 2018, the intangible assets are amortized as follows:
| Years
Customer relationship | 8
Technology services | 8
Other | 5
Schedule of Cumulative Effects of Applying New Accounting Pronouncements | Below is a description of the effect of the adoption of ASC 606 on the consolidated balance sheet
|  | US dollars |
|  | December 31, 2017 |
(in thousands) |  | Balances as reported |  |  | New Revenue Standard Adjustment |  |  | Adjusted balances |
Liabilities |  |  |  |  |  |  |  |  |
Deferred revenues (including current portion) |  |  | (14,037 | ) |  |  | (3,911 | ) |  |  | (17,948 | )
Deferred income Tax |  |  | 8,398 |  |  |  | 939 |  |  |  | 9,337 |
Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Deficit |  |  | (92,065 | ) |  |  | 2,972 |  |  |  | (89,093 | )
Schedule of Disaggregated Primary Major Product Line, Timing of Revenue Recognition | The following table summarize the impacts of adopting Topic 606 on the Company’s consolidated financial statements for the year ended December 31, 2018:
|  | US dollars |
|  | Year ended December 31, 2018 |
(in thousands except earnings per share) |  | as reported |  |  | New Revenue Standard Adjustment |  |  | Balances as if Topic 606 was not adopted |
Revenues: |  |  |  |  |  |  |  |  |
Telematics services |  |  | 181,357 |  |  |  | - |  |  |  | 181,357 |
Telematics products |  |  | 71,978 |  |  |  | 166 |  |  |  | 72,144 |
|  |  | 253,335 |  |  |  | 166 |  |  |  | 253,501 |
Cost of revenues |  |  | (126,007 | ) |  |  | - |  |  |  | (126,007 | )
Research and development expenses |  |  | (6,223 | ) |  |  | - |  |  |  | (6,223 | )
Selling and marketing expenses |  |  | (11,340 | ) |  |  | - |  |  |  | (11,340 | )
General and administrative expenses |  |  | (47,693 | ) |  |  | - |  |  |  | (47,693 | )
Other income, net |  |  | 306 |  |  |  | - |  |  |  | 306 |
Other income, net |  |  | 13,138 |  |  |  | - |  |  |  | 13,138 |
Financing income, net |  |  | 717 |  |  |  | - |  |  |  | 717 |
Income tax expenses |  |  | (17,273 | ) |  |  | (464 | ) |  |  | (17,737 | )
Share in gains of affiliated companies, net |  |  | 4,219 |  |  |  | - |  |  |  | 4,219 |
Net income for the year |  |  | 63,179 |  |  |  | (298 | ) |  |  | 62,881 |
In the following table, revenue is disaggregated by primary major product line, and timing of revenue recognition:
|  | US dollars |
|  | Reportable segments results of operations |
(in thousands) |  | Year ended December 31, 2018 |
Liabilities |  | Telematics services |  |  | Telematics products |  |  | Total |
At a point of time |  |  | - |  |  |  | 70,133 |  |  |  | 70,133 |
Over a period of time |  |  | 181,357 |  |  |  | 1,845 |  |  |  | 183,202 |
|  |  | 181,357 |  |  |  | 71,979 |  |  |  | 253,335 |

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