BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS Sample Clauses

BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 2.1 Basis for preparation of the interim financial statements These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, and the requirements of the Securities and Exchange Commission (SEC). The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events, and situations and not intended to re-emphasis on the information previously reported. The interim financial statements should therefore, be read in conjunction with the financial statements for the year ended December 31, 2022. The interim financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the financial statements in Thai language version. 2.2 Basis for the preparation of consolidated financial statements 2.2.1 The consolidated financial statements have included the financial statements of Vibhavadi Medical Center Public Co., Ltd., subsidiaries and associated companies as follows; Percentage of holding % of share capital Name of Company Type of business As at March 31, 2023 As at December 31, 2022 Head office location Chiang Mai Ram Medical Business Public Co., Ltd. Hospital 83.55 83.55 Chiang Mai Beauty Design Center Co., Ltd. Beauty Business 46.50 49.72 Bangkok V precision Co., Ltd. Anti Aging Center 70.00 70.00 Bangkok Percentage of holding % of share capital Name of Company Type of business As at March 31, 2023 As at December 31, 2022 Head office location Vibharam Hospital Co., Ltd. Hospital 33.85 33.85 Bangkok Thippayabadin Co., Ltd. Trading medical 36.50 36.50 Bangkok instruments Bangpo General Hospital Co., Ltd. Hospital 28.57 28.57 Bangkok Chiang Mai Ram Hospital Co., Ltd. Hospital 47.09 47.09 Chiang Mai Hariphunchai Memorial Co., Ltd. Hospital 72.43 72.43 Lamphun Theppanya Business Co., Ltd. Hospital 47.09 47.09 Chiang Mai Ramkhamhaeng Chiangmai Hospital Co., Ltd. Hospital 45.53 45.53 Chiang Mai (and held by Chiang Mai Ram Medical Business Public Co., Ltd. 18%) Pawo Hospital Co., Ltd. Hospital 28.00 28.00 Tak Medica Bangkok Clinic Co., Ltd. (and held by Beauty Design Center Co., Ltd. 30.00%) Specialized Disease Clinic 34.95 36.00 Bangkok K...
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BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 2.1 Basis for the preparation of financial statements These interim financial statements are prepared in accordance with the Accounting Standard No. 34 (revised 2016) Interim Financial Reporting, and the requirements of the Securities and Exchange Commission (SEC). The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events, and situations and not intended to re-emphasis on the information previously reported. The interim financial statements should therefore, be read in conjunction with the financial statements for the year ended December 31, 2016. The interim financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the financial statements in Thai language version. 2.2 Thai Financial Reporting Standards that become effective in the current year The Company have adopted the revised 2016 Thai Financial Reporting Standards issued by the Federation of Accounting Professions which become effective for the fiscal years beginning on or after January 1, 2017. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards, with most of the changes directed towards revision of wording and terminology, provision of interpretations and accounting guidance to users of the standards. The adoption of these financial reporting standards do not have any significant impact on the Company financial statements.
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BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 2.1 Basis for the preparation of interim financial statements These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 (revised 2018) Interim Financial Reporting, and the requirements of the Securities and Exchange Commission (SEC). The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events, and situations and not intended to re-emphasis on the information previously reported. The interim financial statements should therefore, be read in conjunction with the financial statements for the year ended December 31, 2018. The interim financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the financial statements in Thai language version. 2.2 Thai Financial Reporting Standards that become effective in the current year During the period, the Company has adopted the revised and new financial reporting standards and interpretations (revised 2018) including new accounting treatment guidance, which is effective for fiscal years beginning on or after January 1, 2019. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes and clarifications directed towards disclosures in the notes to financial statements. The adoption of these financial reporting standards does not have any significant impact on the Companys’ financial statements. However, the new standard involves changes to key principles, as summarized below. TFRS 15 Revenue from Contracts with Customers TFRS 15 supersedes TAS 11 Construction Contracts and TAS 18 Revenue, together with related Interpretations. Entities are to apply this standard to all contracts with customers unless those contracts fall within the scope of other standards. The standard establishes a five-step model to account for revenue arising from contracts with customers, with revenue being recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard requires entities to exercise judgement, taking into consid...
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BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 2.1 Basis for the preparation of financial statements The financial statements have been prepared in accordance with the accounting standards prescribed by Thai Accounts Act enunciated under the Accounting Profession Act B.E.2547 by complying with the financial reporting standards. The presentation of the financial statements has been made in compliance with the Notification of the Department of Business Development, the Ministry of Commerce, re : the financial statements presentation for public limited company, issued under the Accounting Act B.E.2543. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from such financial statements in Thai language. 2.2 Basis for preparation of the consolidated financial statements 2.2.1 The consolidated financial statements consisted of the financial statements of Demco Public Company Limited, and subsidiaries (together referred to as “the Group”). The Company holds shares at the following percentages as at December 31, 2021 and 2020 as follows: Demco energy and utilities Co., Ltd. Manufacture and installation of fabricated steel structure, high pressure vessel and pipe systems. Thailand 100 100 Demco Power Co., Ltd. Manufacture and sale steel structure and telecommunication tower Demco De lao Co., Ltd. Production and sale of treated water Indirect subsidiaries - holding by Demco energy and utilities Co., Ltd. Thailand 100 100 Lao PDR 100 100 Sabayoi Green Co., Ltd. Generation and supply electricity Thailand 60 - A) The consolidated financial statements are prepared by using uniform accounting policies. So that the transaction and the others event which are the same or the similar circumstances have been used the identical policies to record those transaction. B) Material balances and transactions between the Company and its subsidiary have been eliminated from the consolidated financial statements. C) Subsidiary is an entity controlled by the Company. Control exists when the Company has the power, directly or indirectly through other subsidiaries, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of the subsidiaries are included in the consolidated financial statements from the date that con...
Sample 1
BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 3.1 Basis for the preparation of financial statements The financial statements have been prepared in accordance with the accounting standards prescribed by Thai Accounts Act enunciated under the Accounting Profession Act B.E.2547 by complying with the financial reporting standards. The presentation of the financial statements has been made in compliance with the Notification of the Department of Business Development, the Ministry of Commerce, re : the financial statements presentation for public limited company, issued under the Accounting Act B.E.2543. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from such financial statements in Thai language. All financial information presented has been rounded to the nearest thousand unless otherwise stated. 3.2 Financial reporting standards that became effective in the current year During the year, the Company and its subsidiaries have adopted the revised (revised 2018) and new financial reporting standards and interpretations, which are effective for fiscal years beginning on or after January 1, 2019. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes and clarifications directed towards disclosures in the notes to financial statements. The adoption of these financial reporting standards does not have any significant impact on the Company and its subsidiaries’ financial statements. 3.3 Financial reporting standards that will become effective in the future During the year, the Federation of Accounting Professions issued a number of the revised and new financial reporting standards, interpretations and the accounting guidance, which are effective for fiscal years beginning on or after January 1, 2020. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards. Except, the new standard involves changes to key principles, as summarized below. A set of TFRSs related to financial instruments, which consists of five accounting standards and interpretations, as follows: Fin...
Sample 1
BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 3.1 Basis for preparation of the financial statements The financial statements have been prepared in accordance with the accounting standards prescribed by Thai Accounts Act enunciated under the Accounting Profession Act B.E.2547 by complying with the financial reporting standards. The presentation of the financial statements has been made in compliance with the Notification of the Department of Business Development, the Ministry of Commerce, re : the financial statements presentation for public limited company, issued under the Accounting Act B.E.2543. The financial statement have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from such financial statements in Thai language. 3.2 Financial reporting standards that became effective in the current year During the year, the Group has adopted the revised and new financial reporting standards, interpretations and the accounting guidance, which are effective for fiscal years beginning on or after January 1, 2020. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards. Except, the new standard involves changes to key principles, as summarized below. A set of TFRSs related to financial instruments, which consists of five accounting standards and interpretations, as follows: TFRS 7 Financial Instruments: Disclosures TFRS 9 Financial Instruments Accounting Standard :
Sample 1
BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 2.1 Basis for preparation of the interim financial statements These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 (revised 2018) Interim Financial Reporting, and the requirements of the Securities and Exchange Commission (SEC). The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events, and situations and not intended to re-emphasis on the information previously reported. The interim financial statements should therefore, be read in conjunction with the financial statements for the year ended December 31, 2018. The interim financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the financial statements in Thai language version. 2.2 Basis for the preparation of consolidated interim financial statements 2.2.1 The consolidated interim financial statements have included the financial statements of Vibhavadi Medical Center Public Co., Ltd., subsidiaries and associated companies as follows; Name of company Direct subsidiary and associated companies
Sample 1
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BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 3.1 Basis for the preparation of financial statements The financial statements have been prepared in accordance with the accounting standards prescribed by Thai Accounts Act enunciated under the Accounting Profession Act B.E.2547 by complying with the financial reporting standards. The presentation of the financial statements has been made in compliance with the Notification of the Department of Business Development, the Ministry of Commerce, re : the financial statements presentation for public limited company, issued under the Accounting Act B.E.2543. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from such financial statements in Thai language. All financial information presented has been rounded to the nearest thousand unless otherwise stated.
Sample 1
BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS. 3.1 Basis for preparation of the financial statements The financial statements have been prepared in accordance with the accounting standards prescribed by Thai Accounts Act enunciated under the Accounting Profession Act B.E.2547 by complying with the financial reporting standards. The presentation of the financial statements has been made in compliance with the Notification of the Department of Business Development, the Ministry of Commerce, re : the financial statements presentation for public limited company, issued under the Accounting Act B.E.2543. The financial statement have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from such financial statements in Thai language. 3.2 Financial reporting standards that became effective in the current year During the year, the Group have adopted the revised (revised 2018) and new financial reporting standards and interpretations, which are effective for fiscal years beginning on or after January 1, 2019. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes and clarifications directed towards disclosures in the notes to financial statements. The adoption of these financial reporting standards does not have any significant impact on the Group financial statements. (Except for the adoption of TFRS 15 “Revenue from Contracts with Customers”) This standard has no effect on profit or loss of the group, it only has effect on the classification in the comprehensive statement of income for the year ended December 31, 2018 as follows: 2018 (Thousand Baht) Consolidated financial statements Separate financial statements Former financial reporting standards Increase (Decrease) Financial reporting standards No.15 Former financial reporting standards Increase (Decrease) Financial reporting standards No.15 Profit (loss) for the year Revenue from sale 3,936,048 (6,678) 3,929,370 3,205,663 (4,626) 3,201,037 Cost of sale of real estate 2,474,783 175,108 2,649,891 1,988,901 145,699 2,134,600 Selling expense 566,536 (181,786) 384,750 465,631 (150,325) 315,306 6,977,367 (13,356) 6,964,011 5,660,195 (9,252) 5,650,943 3.3 The financial reporting standards are effective in the current year During the year, the Federa...
Sample 1

Related to BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS

  • Financial Statements (a) Section 4.7(a) of the Company Disclosure Schedule contains complete copies of the audited balance sheet, statement of income, statement of cash flow and statement of members’ equity of the Company as of and for the fiscal years ended December 31, 2022 and December 31, 2021 (the “Audited Financial Statements”) and unaudited financial statements consisting of the balance sheet of the Company (the “Balance Sheet”) as of July 31, 2023 (the “Interim Financial Statements Date”) and the related statements of income for the seven-month period then ended (the “Interim Financial Statements” and, together with the Audited Financial Statements, the “Financial Statements”). The Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the periods represented thereby, subject, in the case of the Interim Financial Statements, to normal and recurring year-end adjustments (the effect of which will not be materially adverse) and the absence of notes (that, if presented, would not differ materially from those presented in the Audited Financial Statements). The Financial Statements (a) are consistent with the books and records of the Company (which books and records are correct and complete in all material respects); (b) fairly present the financial condition of the Company and its assets and Liabilities as of the respective dates they were prepared and the results of the operations of the Company for the periods indicated in all material respects, in each case, in accordance with GAAP, applied on a consistent basis throughout the periods represented thereby, and in the case of the Interim Financial Statements, subject to the exceptions set forth in the preceding sentence; (c) do not include any extraordinary or nonrecurring operation or transaction except as expressly set forth in the notes thereto; and (d) comply with all Laws and Governmental Orders in all material respects and subject to the exceptions set forth in the preceding sentence. (b) The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s authorization, (ii) transactions are recorded as necessary to permit preparation of financial statements of the Company in conformity with GAAP applied on a consistent basis and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences (“Internal Controls”). The Company has not identified or received notice from an independent auditor of (x) any significant deficiency or material weakness in the system of Internal Controls utilized by the Company, (y) any facts, that in their totality, reasonably constitute fraud that involves the Company or the Company’s management or other employees who have a role in the preparation of financial statements or the Internal Controls utilized by the Company, or (z) any claim or allegation regarding any of the foregoing. There are no significant deficiencies or material weaknesses in the design or operation of the Internal Controls over financial reporting that would reasonably be expected to adversely affect, in a material manner, the Company’s ability to record, process, summarize and report financial information.

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