Bangkok--9 Apr--SET
The Stock Exchange of Thailand (SET) recently hosted a seminar for listed firms’ audit committees to study the effects of new accounting standards, and to provide suggestions on how to more effectively formulate companies’ financial reports. About 100 audit committee chairpersons and members attended.
SET’s Listed Companies Development Department organized the seminar entitled “Accounting for Non-Accountant Auditing Committee Members”. Dr. Vorasak Toommanon from Faculty of Commerce and Accountancy, Chulalongkorn University, spoke about key issues in financial reports and the adaptations audit committees will need to make in light of the new accounting standards, SET Senior Vice President Mr. Sakkarin Ruamrangsri said.
“The seminar dealt with an important duty of an audit committee, ensuring the accuracy and completeness of a company’s financial reports, and provided an update on changes which bring Thai accounting standards into line with international benchmarks. These changes affect how listed firms display their financial situations, e.g. using cost-accounting to record investment in an associated company or subsidiary, and employing fair value and working life in estimating an asset’s real value and its impairment.
The seminar covered important points related to balance sheets, profit and loss statements, cash flow statements and notes to financial statements,” Mr. Sakkarin added.
At end-2006, Thailand’s Federation of Accounting Professionals issued several new accounting standards, including one covering investment in subsidiaries and associated companies. These may affect firms’ consolidated and non-consolidated financial statements and recorded profits.
“To benefit not only audit committees, but also listed firms and shareholders, SET will host further seminars under its Training and Networking for Audit Committees program,” Mr. Sakkarin concluded.
For more information, please contact the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Sarinluck Jitkawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 / Watsamon Saowakhonsathien Tel: 0-2229-2797