Implementing this MOU will further improve standards in the accounting professions and raise investor trustworthiness. The MOU was signed by SET President Patareeya Benjapolchai and Federation of Accounting Professions (FAP) President Kesree Narongdej.
“Building investors’ confidence in a highly competitive global capital market is an important factor that makes the market attracting. Using IFRS on financial statements of listed companies will allow investors to compare operating performances across the borders, encouraging more international investment,” said Mr. Pakorn Malakul Na Ayudhya, SET chairman
“Listed companies in over a hundred capital markets comply with the IFRS for their financial statements, and SET realizes the importance of information disclosure according to these international standards as well. SET, therefore, supports the Federation of Accounting Professions in developing accounting professions standards. This action will enhance the credibility of listed firms and aid in developing the Thai capital market’s sustainable growth,” added Mr. Pakorn.
FAP President Kesree noted, “FAP today has 65,000 members, who will be responsible for developing Thailand’s accounting professions to meet international standards. This cooperation will help develop accounting and auditing standards, as well as accounting profession ethics, assuring the quality of the auditing processes and accounting knowledge distribution. These will result in the Thai bourse’s trustworthiness and the country’s positive economic situation as a whole. FAP and SET plans to encouraging the SET50 companies apply the IFRS on their financial statements in 2011.
Veerawat Kanchanadul, vice president, Listed Company Association, emphasized that the Association realized the significance of their members’ updating their accounting standards, and continually collaborated with SET and FAP. “The responsibility of the Association is to inform listed firms on the development of accounting standards and gather opinions and suggestions from them for discussion with FAP and related parties to create confidence among listed companies and investors.”
This collaboration improves the Thai accounting professions’ capacity to continually meet international standards. This, in turn, results in more readily comparable financial statements and increased credibility among local and foreign investors, as well as a strong base for our capital market’s long-term development.
For more information, please contact Public Relations Unit, the Corporate Communications Dept.
Ladawan Kantawong Tel: 0-2229-2036 / Kanokwan Khemmalai Tel: 0-2229-2048 /
Panitee Chatpolarak Tel: 0-2229-2792