BANGKOK, December 22, 2006 ? The SEC ordered Siam General Factoring Plc. ("SGF") to rectify its financial statements for the third quarter of 2006 regarding the items viewed by the auditor to be inconsistent with the generally accepted accounting principles (GAAP). Such items involved (1) the reversal of provision for seven doubtful account receivables of 500 million baht as revenue in the third quarter, and (2) the derecognition of such account receivables and loans payables to Eastern Wire...
The SEC ordered Circuit Electronic Industries PLC ("CIRKIT") to correct its allowance for doubtful accounts for the company quarterly financial statements of 2004. Such financial statements were
BANGKOK, October 13, 2006 ? The SEC has ordered Power-P Plc. ("POWER") to amend its financial statements for the second quarter of 2006 regarding the items reported by the auditor to be noncompliant with the generally accepted accounting principles (GAAP). Such items are as follows: 1. POWER has not provided an allowance for potential loss of the share purchasing receivable with the remaining balance of 89 million baht. This item was according to a share purchasing termination agreement...
Bangkok, August 10, 2009 ? The SEC ordered Siam General Factoring Plc. (SGF) to revise its 2009 first quarter financial statements. The SEC had found in SGF?s Q1/2009 financial statements an item on the reversal of allowance for doubtful accounts, which was booked into the company?s revenue in the amount of 10 million baht. Such accounting record is considered inconsistent with the generally accepted accounting standards as, under economic substance view, the loan burden which is transferred...
Bangkok, August 10, 2009 ? The SEC ordered Siam General Factoring Plc. (SGF) to revise its 2009 first quarter financial statements. The SEC had found in SGF?s Q1/2009 financial statements an item on the reversal of allowance for doubtful accounts, which was booked into the company?s revenue in the amount of 10 million baht. Such accounting record is considered inconsistent with the generally accepted accounting standards as, in consideration of economic substance, the loan burden which is trans...
Bangkok, November 10, 2009 ? The SEC ordered Yarnapund Plc. (YNP) to amend its financial statements for the year 2008 and for the first and second quarters of 2009 regarding misplacement of land filling cost and incorrect book value of land. The order followed the SEC's finding that YNP recorded the land filling and compaction payments occurred during 2006-2008 in cost of building and infrastructure, not in cost of land, as they should have been, resulting in undervalued land account. The compan...
Bangkok, November 10, 2009 ? The SEC ordered Yarnapund Plc. (YNP) to amend its financial statements for the year 2008 and for the first and second quarters of 2009 regarding misplacement of land filling cost and incorrect book value of land. The order followed the SEC?s finding that YNP recorded the land filling and compaction payments occurred during 2006-2008 in cost of building and infrastructure, not in cost of land, as they should have been, resulting in undervalued land account. The compan...