Asus 2008 Annual Report Download - page 113

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ASUSTEK COMPUTER INC.
Notes to Non-Consolidated Financial Statements
(In thousands of New Taiwan dollars unless otherwise stated)
The Company redeemed the domestic convertible bonds and, thus, recognized other
income – gain on redemption of bonds payable of $15,226 thousand in 2008. The
Company had no such circumstance in 2007.
(7) According to Interpretation No. 97-331 and No. 98-046 by Accounting Research and
Development Foundation, the Company retrospectively adjusted the financial statements
for 2007. Please refer to Note II.10.(2) for the relevant accounting policies.
14. PENSION PLAN
(1) Because of the spin-off, except for few foreign employees, the Company has closed out
all the seniority of employees as of December 31, 2007. From thereon, the Company is
subject to the Labor Pension Act of the R.O.C.. The pension plan costs recognized for
the years ended December 31, 2008 and 2007 were $111,453 thousand and $195,141
thousand, respectively.
(2) The Company already had the permission from the Labor Affairs Bureau, Taipei, for
suspension of appropriating pension fund since 2008 for those few foreign employees
subject to Labor Standards Laws.
(3) Based on the actuarial report which measures the pension assets and liabilities on
December 31, 2007, the reconciliation between the funding status of pension plan and
accrued pension liability as of December 31, 2007 is as follows:
2007/12/31
Benefit Obligations:
Vested Benefit Obligation
$(1,407,286)
Non-vested Benefit Obligation
-
Accumulated Benefit Obligation
(1,407,286)
Effect of Projected Future Salary Increase
-
Projected Benefit Obligation
(1,407,286)
Fair Value of Plan Assets
492,464
Status of Pension Plan
(914,822)
Unamortized Actuarial Loss / (Benefit)
-
Accrued Pension Liability
-Defined Benefit Pension Plan
(914,822)
-Defined Contribution Pension Plan
(30,246)
Accrued Pension Liability (Classified as accrued expense)
$(945,068)