XML 224 R28.htm IDEA: XBRL DOCUMENT
v3.24.3

Provisions | 12 Months Ended
--- | ---
Dec. 31, 2023
Provisions [Abstract] |
PROVISIONS |
| 23. | PROVISIONS
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
Provision for reinstatement costs |  |  | 71,872 |  |  |  | 100,483 |
Provision for defined benefit obligations |  |  | 194,260 |  |  |  | 101,913 |
As at December 31 |  |  | 266,132 |  |  |  | 202,396 |
Provision for reinstatement costs |  |  |  |  |  |  |  |
As at January 1 |  |  | 100,483 |  |  |  | 68,733 |
Additional provision |  |  | - |  |  |  | 26,327 |
Remeasurement of lease modifications |  |  | - |  |  |  | 2,231 |
Settled during the year |  |  | (31,782 | ) |  |  | - |
Increase in discounted amounts arising from the passage of time |  |  | 4,009 |  |  |  | 4,184 |
Exchange realignment |  |  | (838 | ) |  |  | (992 | )
As at December 31 |  |  | 71,872 |  |  |  | 100,483 |
Portion classified as current liabilities |  |  | (71,872 | ) |  |  | (66,118 | )
Non-current portion |  |  | - |  |  |  | 34,365 |
The Group has certain leases of office properties with clauses of reinstatement of alteration at the end of these leases. The provision for the reinstatement costs of these office properties was estimated based on reinstatement quotes obtained by the Group. Provision for defined benefit obligations The Group made provisions for defined benefit obligations in respect of termination benefits and pursuant to applicable labor laws in corresponding jurisdictions. According to the law, employees are entitled to termination benefits upon dismissal or retirement. The liability for termination of employment is measured using the projected unit credit method. The actuarial assumptions include expected salary increases and discount rates. The amounts are presented based on discounted expected future cash flows using a discount rate determined by reference to market yields at the reporting date on government bonds with a term that is consistent with the estimated term of the termination benefit obligation. The most recent actuarial valuations of the estimated liabilities for employee benefits were carried out by E. M. Zalamea Actuarial Services, Inc. for the Group’s subsidiaries in the Philippines using the projected unit credit actuarial valuation method for the year ended December 31, 2023 and December 31, 2022. The principal actuarial assumptions used as at the end of the reporting period are as follows:
|  | 2023 |  |  | 2022 |
Discount rate (%) |  |  | 6.15 - 6.19 |  |  |  | 7.39 - 7.41 |
Expected rate of salary increases (%) |  |  | 6.00 |  |  |  | 6.00 |
A quantitative sensitivity analysis for significant assumptions as at the end of the reporting period is shown below:
|  |  |  |  | Increase/ |  |  |  |  |  | Increase/ |
|  |  |  |  | (decrease) |  |  |  |  |  | (decrease) |
|  |  |  |  | in defined |  |  |  |  |  | in defined |
|  | Increase |  |  | benefit |  |  | Decrease |  |  | benefit |
|  | in rate |  |  | obligations |  |  | in rate |  |  | obligations |
|  | % |  |  | US$ |  |  | % |  |  | US$ |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1 |  |  |  | (34,297 | ) |  |  | 1 |  |  |  | 43,440 |
Future annual salary increases |  |  | 1 |  |  |  | 43,349 |  |  |  | 1 |  |  |  | (34,637 | )
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1 |  |  |  | (17,571 | ) |  |  | 1 |  |  |  | 22,380 |
Future annual salary increases |  |  | 1 |  |  |  | 22,477 |  |  |  | 1 |  |  |  | (17,927 | )
The sensitivity analysis estimates the impact on defined benefit obligations from reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analysis is based on changing one assumption at a time, keeping all other assumptions constant, and it may not be representative of an actual change in the defined benefit obligations as it is unlikely that changes in assumptions would occur in isolation from one another. The total expenses recognized in the consolidated statements of loss and other comprehensive (loss)/income in respect of the plan are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | US$ |  |  | US$ |  |  | US$ |
Current service cost |  |  | 49,109 |  |  |  | 69,689 |  |  |  | 152,091 |
Interest cost |  |  | 7,563 |  |  |  | 5,687 |  |  |  | 4,188 |
Net benefit expenses recognized in general, administrative and other operating expenses |  |  | 56,672 |  |  |  | 75,376 |  |  |  | 156,279 |
The movements in the defined benefit obligations classified as non-current liabilities are as follows:
|  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |
At January 1 |  |  | 101,913 |  |  |  | 115,532 |
Current service cost |  |  | 49,109 |  |  |  | 69,689 |
Interest cost |  |  | 7,563 |  |  |  | 5,687 |
Benefits paid |  |  | - |  |  |  | (14,402 | )
Remeasurement losses/(gains) credited to other comprehensive (loss)/income arising from: |  |  |  |  |  |  |  |
Changes in financial assumptions |  |  | 41,325 |  |  |  | (37,030 | )
Experience adjustments |  |  | (6,440 | ) |  |  | (28,221 | )
Exchange realignment |  |  | 790 |  |  |  | (9,342 | )
At December 31 |  |  | 194,260 |  |  |  | 101,913 |

X
- Definition The disclosure of provisions. [Refer: Provisions] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfProvisionsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_ProvisionsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration