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.

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