Bangkok, 22 March 2018 - SEC seeks public comments on amendment to rules regarding financial statement forms for securities companies and derivatives business operators in order to raise financial reporting credibility to meet the international standards sufficient information to users of the financial statements and to allow users of the financial statements access to information sufficient for decision making and in line with the newly revised financial reporting standards of the Thailand Federation of Accounting Professions.
SEC is seeking public comments on amendments to
the rules regarding financial statement forms for securities companies and
derivatives business operators to ensure their consistency with Thai Financial
Reporting Standards No. 9 (TFRS9) which is being revised by the Thailand Federation
of Accounting Professions under the Royal Patronage of His Majesty The King (TFAC)
which will become effective from 2019. The revision of TFAC will render effects
on preparation of the financial statements, in particular the report of
financial transactions and the disclosure of information in notes to financial
statements of the business operators.
In this public hearing, SEC proposes the
revision of financial statement forms and related documents such as revision of
names of the business transactions, explanations, and notes to financial
statements in the statement of financial position and statement of comprehensive income
and revision of the reporting of items of the statement of changes in owner’s
equity and the cash flow statement. The new financial statement forms will
become effective from 1 January 2019. It is expected that the new financial
statements will provide information beneficial to users of the financial
statements and reflect more clearly the business operation pattern and the
business risks, especially classification and measurement of investment and allowance for impairment losses on
financial assets to cover expected future damage.
The consultation paper is available
at www.sec.or.th/hearing.
Stakeholders
and interested parties are welcome to submit comments and recommendations via
the website, facsimile to 0-2033-9660, or email: patana@sec.or.th. The public
hearing ends on 17 April 2018.
QR
code for further details