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Significant Change to the 2009 Presentation of Financial Statements for non-listed Companies (announced by the Department of Business Development, Ministry of Commerce)

New

Old

Balance Sheet – Assets

 
  1. “Cash and cash equivalents” represent cash and deposits at banks with maturity of three months or less and not subject to restrictions.
  • “Cash and deposits at banks” represent cash and deposits at banks with maturity of one year or less.

Balance Sheets – Liabilities and Shareholders’ Equity

 

No change

 

Statement of Income

 
  1. Optional presentation of expenses in the statement of income ‘by function’ or by nature of expenses.
    If the Company presents the expense by function the Company will disclose additional information on the expenses nature in the note to the financial statements.
  • Presentation of expenses in the statement of income is only by function.
  1. ‘Selling expenses’ are separately classified and presented in the statements of income.
  • Selling expenses included in selling and administrative expenses.
  1. Classification of ‘financial costs’ includes interest expenses, bank charges and costs from funding of working capital.
  • Presentation in the statement of income was shown only as interest expense.

 

Example of classifications

a)       Form of “Function of expenses”

 

 

 

 

 

Revenue

xx

 

Other income

xx

 

Total revenue

xx

 

Cost of sales

(xx)

 

Selling expenses

(xx)

 

Administrative expenses

(xx)

 

Other expenses

(xx)

Total expenses

(xx)

Income before financial costs and income tax

xx

Financial costs

(xx)

Income before income tax

xx

Income tax

(xx)

Net income

xx
             

 

b)      Form of “Nature of expense”

 

 

 

 

 

Revenue

xx

 

Other income

xx

 

Total revenue

xx

 

 

 

 

Expenses

 

 

Changes in inventories of finished goods

 

 

and work in progress

(xx)

 

Work performed by the Company and

 

 

capitalized

(xx)

 

Raw materials and consumables used

(xx)

 

Employee benefits expense

(xx)

 

Depreciation and amortization

(xx)

 

Other expenses

(xx)

 

Total expenses

(xx)

 

Income before financial costs and income tax

xx

 

Financial costs

(xx)

 

Income before income tax

xx

Income tax

(xx)

Net income

xx
           

Announcement from the Department of Business Development – Extension of the deadline for the filing of the financial statements for the fiscal year ended 2009 in 2010.

Owing to the political turbulence that has occurred in the Bangkok District Areas of Sathorn, Bangrak and Pathumwan, there may be enforced delays in the filing of the financial statements for the fiscal year ended 31 December 2009 which will be due on 31 May 2010 for Partnerships Limited, Companies Limited, Public

Companies Limited as well as Foreign Entities conducting business in Thailand and Joint Ventures.

Accordingly, in accordance with the Accounting Acts B.E. 2000 section 11, the Director of the Department of Business Development has announced an extension of the deadline for filing of the financial statements for the entities listed in the previous paragraph in the Sathorn, Bangrak and Pathumwan Districts to 30 June 2010 in order to relieve the difficulties caused by the current political situation.

Announcement as at 23 April 2010
Banyong Limprayoonwong
Director of Department of Business Development