Detecting Corporate’s Earnings Manipulation in Thailand Corporate Governance Attributes and Audit Report Timeliness: Mediating Role of Corporate Disclosure and Transparency and Moderating Role of

value of a mines or raw material deposits to reflect reduced earnings. For example, increase capital expenditure for construction of desalination plants or roll-out of zero carbon production equipment

A String of Earnings Increases, Future Earnings Uncertainty, and Firm Fundamentals* Sarayut Rueangsuwan † Kasetsart University, Thailand August 2015 Abstract Prior literature on meeting or beating

Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. Improved cash flows and ongoing commitment from shareholders

full-year contribution from Invista Germany. Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance

Operational/Extraordinary income/(expense) 24 18 (6) (495)% 52 119 (56)% Acquisition cost and pre-operative expense, (7) (10) (6) 23% (36) (20) 83% Gain on Bargain Purchases, impairments and feasibility study

2018 MD&A 7 Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance sheet and cash flow generation are

, before extraordinary items 192 798 (76)% (13) 34 51 (125)% Add: Non Operational/Extraordinary income/(expense) (23) 21 (207)% (34) (7) 18 (288)% Acquisition cost and pre-operative expense, (26) (35) (26

/Extraordinary income/(expense) (7) (6) (8) (12%) 30 170 (83%) Acquisition cost and pre-operative expense, (7) (5) (8) (11%) (29) (32) (11%) Gain on Bargain Purchases, impairments and feasibility study(Net)1 1 (0

, before extraordinary items (34) (13) 93 (163)% (136)% Add: Non Operational/Extraordinary income/(expense) 52 (34) 24 252% 114% Acquisition cost and pre-operative expense (3) (7) (7) 53% 56% Gain on Bargain