14 สิงหาคม 2550
Clarification inaccountion for investment insubsidiary
A/C 0312/2007
14 August 2007
To: Director and Manager
The Stock Exchange of Thailand
Subject: Clarification of the effect of the change in
accounting for investment in subsidiary for the third
quarter ended 30 June 2007
During accounting period 2006, the company invested in a
subsidiary amounting to Baht 10 million. The company accounted
for its investment using the cost method in compliance with the
notification from FAP No. 26/2549 dated 11 October 2006 "TAS 44
- Consolidated Financial Statements and Accounting for
Investments in Subsidiaries. The FAP announcement requires a
parent company which has investments in a subsidiary company,
an entity under joint control, or an associate company, which is
not classified as a "held for sale" investment, to record the
investment in accordance with either the cost method or with the
recognition and measurement basis for financial instruments. This
adjustment caused the net income on the separate financial
statement to differ from that reported in the consolidated financial
statement. The company had net income of Baht 42.21 million for
the three-month period ended June 30, 2007, according to the
consolidated financial statement. However, the separate financial
statement over the same period showed a net income of Baht
42.17 million. Now, the subsidiary company has not yet started
operation.
For your kind attention.
Yours sincerely,
(Mr. Krirkchai Siribhakdi)
President