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Provisions | 12 Months Ended
--- | ---
Dec. 31, 2024
Provisions [Abstract] |
PROVISIONS |
| 22. | PROVISIONS
|  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |
Provision for reinstatement costs |  |  | 71,274 |  |  |  | 71,872 |
Provision for defined benefit obligations |  |  | 185,274 |  |  |  | 194,260 |
As at December 31 |  |  | 256,548 |  |  |  | 266,132 |
Provision for reinstatement costs |  |  |  |  |  |  |  |
As at January 1 |  |  | 71,872 |  |  |  | 100,483 |
Additional provision |  |  | 3,855 |  |  |  | - |
Reversal of unutilized amounts |  |  | (5,781 | ) |  |  | - |
Settled during the year |  |  | - |  |  |  | (31,782 | )
Increase in discounted amounts arising from the passage of time |  |  | 1,772 |  |  |  | 4,009 |
Exchange realignment |  |  | (444 | ) |  |  | (838 | )
As at December 31 |  |  | 71,274 |  |  |  | 71,872 |
Portion classified as current liabilities |  |  | (71,274 | ) |  |  | (71,872 | )
Non-current portion |  |  | - |  |  |  | - |
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 years ended December 31, 2024 and 2023. The principal actuarial assumptions used as at the end of the reporting period are as follows:
|  | 2024 |  |  | 2023 |
Discount rate (%) |  |  | 6.07 - 6.08 |  |  |  | 6.15 - 6.19 |
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$ |
2024 |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1 |  |  |  | (33,908 | ) |  |  | 1 |  |  |  | 43,318 |
Future annual salary increases |  |  | 1 |  |  |  | 42,894 |  |  |  | 1 |  |  |  | (34,214 | )
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1 |  |  |  | (34,297 | ) |  |  | 1 |  |  |  | 43,440 |
Future annual salary increases |  |  | 1 |  |  |  | 43,349 |  |  |  | 1 |  |  |  | (34,637 | )
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 income/(loss) in respect of the plan are as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |  |  | US$ |
Current service cost |  |  | 67,548 |  |  |  | 49,109 |  |  |  | 69,689 |
Interest cost |  |  | 11,583 |  |  |  | 7,563 |  |  |  | 5,687 |
Net benefit expenses recognized in general, administrative and other operating expenses |  |  | 79,131 |  |  |  | 56,672 |  |  |  | 75,376 |
The movements in the defined benefit obligations classified as non-current liabilities are as follows:
|  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |
At January 1 |  | 194,260 |  |  | 101,913 |
Current service cost |  |  | 67,548 |  |  |  | 49,109 |
Interest cost |  |  | 11,583 |  |  |  | 7,563 |
Benefits paid |  |  | (74,016 | ) |  |  | - |
Remeasurement losses/(gains) debited/(credited) to other comprehensive income/(loss) arising from: |  |  |  |  |  |  |  |
Changes in financial assumptions |  |  | 4,147 |  |  |  | 41,325 |
Experience adjustments |  |  | (19,632 | ) |  |  | (6,440 | )
Exchange realignment |  |  | 1,384 |  |  |  | 790 |
At December 31 |  |  | 185,274 |  |  |  | 194,260 |

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- 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
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