Page 140 - TGIA_AnnualReport2015

TGIA has always revised the residual value, the useful lives of the assets and the calculation of
depreciation. In case there is an indicator shows that value of equipment and vehicle is permanently reduced
and the book value is higher than the sales value less cost of sales, the book value will be adjusted to equal the

sales value less cost of sales immediately and recognize the deficit under the statement of income higher than
expenses.
The cost of repair and maintenance is recognized under the statement of income higher than expenses
in the year of such occurrence. The material cost of improvement will be included under the book value of
assets when the economic value in the future is most likely higher than the standard of the useful of that assets
when acquired. This material cost of improvement will be depreciated throughout the residual useful lives of
that assets.
Profit or loss from the sales of equipment and vehicle is based on the book value and included in the
calculation of operations.
3.4 Employee Benefits
Liabilities under post-employment benefits and other long-term employee benefits are recognized by the
best estimate method on date of report.

3.5 Income and Expense Recognition
Income and expense are recognized on accrual basis, except the interest which is recognized on a cash
basis.

4. Cash and Cash Equivalent
Baht
2015 2014
Cash 36,939.50 38,621.00
Current Account 2,107,281.22 1,914,930.55
Saving Account 297,036,630.76 193,928,912.27
Fixed Deposit Account (Not more than 3 months) - 35,000,000.00
Total 299,180,851.48 230,882,463.82

5. Temporary Investment
As at December 31, 2015 and 2014, the fixed deposit of the Thai General Insurance Association were
155.2 million Baht and 80 million Baht, respectively, with the interest rate of 1.80-3.00% per annum (2014: 2.55-

3.20%)

6. Accrued Incomes from Membership Fee

Baht
2015 2014
Accrued Membership Fee 50,992,892.85 44,819,667.86

Less Allowance for doubtful debt (6,621,879.00) (6,947,854.00)

Net 44,371,013.85 37,871,813.86

สมาคมประกันวินาศภัยไทย | Thai General Insurance Association 137