SEC Form 20-IS - iRemit Global Remittance

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- 9 - assets or groups of assets, in which case the recoverable amount is assessed as part of the CGU to which it belongs. Where the carrying amount of an asset (or CGU) exceeds its recoverable amount, the asset (or CGU) is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset (or CGU). In determining fair value less cost to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by available fair value indicators. An impairment loss is charged to operations in the year in which it arises, unless the asset is carried at a revalued amount, in which case the impairment loss is charged to the revaluation increment of the said asset. An assessment is made at each balance sheet date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation and amortization, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the parent company statement of income unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal, the depreciation and amortization expense is adjusted in future years to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining life. Input Value Added Tax (VAT) Input VAT represents VAT imposed on the Parent Company by its suppliers for the acquisition of goods and services as required by Philippine taxation laws and regulations. This will be claimed as tax credits. Input VAT is stated at its estimated net realizable values. Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Parent Company and the revenue can be reliably measured. The Parent Company assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. The following specific recognition criteria must also be met before revenue is recognized: Delivery fees Revenue from delivery fees is recognized as the service is rendered net of amounts payable to principals (i.e., partner remittance companies) for fees billed on their behalf. Service revenue Service revenue is recognized when the service is rendered. Interest income Interest on financial instruments measured at amortized cost is recognized based on the EIR method. The EIR method is a method of calculating the amortized cost of a financial asset or a financial liability and allocating the interest income or interest expense over the relevant period. The EIR is the rate that exactly discounts estimated future cash payments or receipts throughout the expected *SGVMC116501*
- 10 - life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the EIR, the Parent Company estimates cash flows from the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the EIR, transaction costs and all other premiums or discounts. Once a financial asset or a group of financial assets has been written down as a result of an impairment loss, interest income is recognized thereafter using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Dividends Dividend income is recognized when the Parent Company’s right to receive payment is established. Rebates Rebates pertaining to refunds of bank service charges are recognized upon collection. Costs and Expenses Costs and expenses encompass losses as well as those expenses that arise in the course of the ordinary business activities of the Parent Company. The following specific recognition criteria must also be met before costs and expenses are recognized: Cost of services This includes all expenses associated with the specific delivery fees. Such costs are recognized when the related delivery fees have been recognized. Operating expenses Operating expenses constitute costs incurred related to advertising and administering the business and are recognized when incurred. Taxes and licenses This includes all other taxes, local and national, including real estate taxes, licenses and permit fees included under ‘Other operating expenses’ in the parent company statement of income. Retirement Benefits The Parent Company has a noncontributory defined benefit retirement plan administered by a trustee, covering its permanent employees. The retirement cost of the Parent Company is determined using the projected unit credit method. Under this method, the current service cost is the present value of retirement benefits payable in the future with respect to services rendered in the current period. The liability recognized in the parent company balance sheet in respect of defined benefit retirement plan is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service costs. The defined benefit obligation is calculated annually by an independent actuary using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates on Philippine government bonds that have terms to maturity approximating the terms of the related retirement liability. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are credited to or charged against income when the net cumulative unrecognized *SGVMC116501*
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• 1!I~lJllr June 25, 2012 THE PHI
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IRE:lftlr I-Remit, Inc. TO: ALL STO
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GENERAL INFORMATION Date, time and
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Note: The PCD Nominee Corporation (
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Harris Edsel D. Jacildo Mr. Jacildo
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Mr. Tan has also been the Corporate
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Ronald A. Benito Mr. Benito joined
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Involvement in Certain Legal Procee
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The compensation of the key managem
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Compensation Plans As described abo
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SIGNATURES After reasonable inquiry
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I-Remit Australia Pty Ltd, a wholly
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Properties I-Remit, Inc. and its su
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Company’s shareholders. Any stock
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Committees of the Board of Director
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Plan of Operation MANAGEMENT’S DI
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Full Years 2011 compared to 2010 I-
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Total liabilities declined by PHP 1
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2010 compared to 2009 I-Remit reali
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IREMIT EUROPE Remittance Consulting
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I-Remit New Zealand Limited Perform
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Below are the comparative key perfo
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Goodwill decreased by PHP 1.5 milli
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IREMIT Remittance Consulting GmbH M
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I-REMIT, INC. AND SUBSIDIARIES NOTE
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- 3 - Statement of Compliance The a
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- 5 - Changes in Accounting Policie
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- 7 - deferred cumulative amount pr
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- 9 - For all other financial instr
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- 11 - Estimates of changes in futu
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- 13 - Gains or losses arising from
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- 15 - Once a financial asset or a
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- 17 - Income Taxes Current tax Cur
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- 19 - Related party relationships
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- 21 - PFRS 13, Fair Value Measurem
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- 23 - d. Discontinued Operations M
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- 25 - As of December 31, 2011 and
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- 27 - The following methods and as
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- 29 - As at December 31, 2011, the
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- 31 - Change in nominal 2010 Chang
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6. Cash and Cash Equivalents This a
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10. Other Current Assets This accou
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Office and Communication Equipment
Page 102 and 103: - 39 - value of the additional inte
Page 104 and 105: 16. Interest-Bearing Loans - 41 - T
Page 106 and 107: - 43 - The Group’s objective is t
Page 108 and 109: The major categories of plan assets
Page 110 and 111: - 47 - (f) On July 1, 2011, the Par
Page 112 and 113: - 49 - In the ordinary course of bu
Page 114 and 115: - 51 - The table below shows the in
Page 116 and 117: - 53 - Segment information as of an
Page 118: - 55 - The results of IRCGmbH’s o
Page 121 and 122: - 1 - I-REMIT, INC. SCHEDULE OF RET
Page 123 and 124: - 3 - Schedule II Page 2 of 5 PFRSs
Page 125 and 126: - 5 - Schedule II Page 4 of 5 Impor
Page 127 and 128: - 7 - I-REMIT, INC. AND SUBSIDIARIE
Page 129 and 130: Name of Debtor - 9 - I-Remit, Inc.
Page 131 and 132: - 11 - I-Remit, Inc. and Subsidiari
Page 133 and 134: - 13 - I-Remit, Inc. and Subsidiari
Page 135 and 136: Title of Issue (i) Number of shares
Page 144 and 145: I-REMIT, INC. NOTES TO PARENT COMPA
Page 146 and 147: - 3 - The adoption of the following
Page 148 and 149: - 5 - After initial measurement, ot
Page 150 and 151: - 7 - If the Parent Company determi
Page 154 and 155: - 11 - actuarial gains and losses a
Page 156 and 157: - 13 - A change in the ownership in
Page 158 and 159: - 15 - PFRS 11, Joint Arrangements
Page 160 and 161: - 17 - d. Contingencies The Parent
Page 162 and 163: - 19 - As of December 31, 2011 the
Page 164 and 165: - 21 - The main risks arising from
Page 166 and 167: - 23 - The following tables set for
Page 168 and 169: 6. Cash and Cash Equivalents This a
Page 170 and 171: 10. Investments in Subsidiaries and
Page 172 and 173: - 29 - IRCL On October 1, 2004, the
Page 174 and 175: - 31 - 2009 Balance Sheets Statemen
Page 176 and 177: 13. Beneficiaries and Other Payable
Page 178 and 179: - 35 - In 2009 and 2008, the Parent
Page 180 and 181: - 37 - The amounts of retirement ex
Page 182 and 183: - 39 - (b) A lease agreement with W
Page 184 and 185: 22. Related Party Transactions - 41
Page 186 and 187: - 43 - The amounts payable to PSAGL
Page 188 and 189: - 45 - In the opinion of management
Page 190 and 191: - 47 - Taxes and licenses Other tax
Page 192 and 193: I-REMIT, INC. 26/F Discovery Centre
Page 194: I-REMIT, INC. AND SUBSIDIARIES (Com
Page 197 and 198: I-REMIT, INC. AND SUBSIDIARIES Cons
Page 199 and 200: I-REMIT, INC. AND SUBSIDIARIES Cons
Page 201 and 202: Item 1. Financial Statements PART I
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Below are the comparative key perfo
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Worldwide Exchange Pty Ltd Performa
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million as of March 31, 2012, a dec
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Lucky Star Management Limited Perfo
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Power Star Asia Group Limited Perfo
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Summary of Significant Accounting P
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Day 1 difference Where the transact
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Historical loss experience is adjus
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Foreign Currency Risk Foreign curre
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MINUTES OF THE ANNUAL STOCKHOLDERS
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RELEVANT RESOLUTIONS APPROVED BY TH
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February 17, 2012 March 23, 2012 Ma
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SEC Form 20-IS - iRemit Global Remittance

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