Bangkok, 3 September 2018 – SEC is seeking public comments on revision of draft notification on financial statement forms for securities companies and derivatives business operators to raise financial reporting creditability to meet international standards and to be consistent with the revised financial reporting standards of the Thailand Federation of Accounting Professions.
SEC is conducting a public hearing on draft notification on financial
statement forms for securities companies and derivatives business operators to
be in line with Thai Financial Reporting Standard No. 9 (TFRS9) issued by the
Thailand Federation of Accounting Professions under the Royal Patronage of His
Majesty the King. The new financial statements will contain useful information
for users of financial statements and more accurately reflect the business
model and business risks.
The revision of financial statement forms, including related documents will
cover revision of business transaction names,
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 public hearing in principle was held by SEC in early
2018 and comments of business operators were taken into consideration in
preparing this draft notification to make the financial statement forms more
concise.
The revised rules will be applicable to the
financial statements for the accounting period commencing from 1 January 2020
and following periods. A Business operator, if ready, may apply these rules to
the financial statements for the accounting period commencing from 1 January
2019.
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 1 October 2018.
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