Accounting, Auditing and Reporting in Thailand

Accounting period

Newly established business entities can choose a date for the initial accounting period. After that, accounts must be closed every twelve months.

If an entity wants to change its accounting period, it must obtain written approval from the Commercial Registration Department and the Revenue Department.

Accounting, Auditing and Reporting in Thailand

Account Book

The Accounts Act 2000 regulates the rules regarding accounting of accounts and supporting documents.

The law also stipulates qualifications from bookkeepers, who must be Thai residents, proficient in Thai, and graduates from vocational high schools or universities with a minimum Bachelor of Accounting degree.

The Civil and Commercial Code also provides general rules about accounts that must be maintained.

Recording accounting entries can be done in English, but a Thai translation must be added. All accounting entries must be written in ink, typed or printed. The computerized accounting system should be registered with the Department of Commerce and the Department of Revenue.

Accounting principles

In general, the accounting principles promulgated in International Financial Reporting Standards are followed in Thailand. In addition, accounting methods and conventions approved by law are considered as generally accepted accounting practices. The Accounting Professional Federation is an authoritative body that promotes the application of generally accepted accounting principles.

Certain accounting principles, adopted by business entities, must be followed consistently and can be changed only with the approval of the Revenue Department. The accounting principles include depreciation, compulsory reserves, shares, dividends, consolidation, expenses paid from net income and accounting for pension plans.

Audit Requirements

All business entities including companies, partnerships, branch offices, representative offices and joint ventures are required to prepare an annual income statement and balance sheet, and audit it. The auditor’s report must state whether the account has been properly prepared in accordance with the Accounting Regulations and whether this provides a true and fair view.

Appointment of Auditors

Every business company is required to appoint an independent auditor who is registered as a Certified Public Accountant in Thailand. Certified Public Accountants registered and issued with a license by the Department of Commerce.

The auditor is appointed at the Annual General Meeting of Shareholders (GMS) to serve until the next GMS. The GMS is also required to regulate Auditor remuneration. Although the auditor must be independent, the Civil and Commercial Code allows the company to appoint a shareholder as an Auditor if he has the required qualifications.

Reporting Requirements

All business entities are required to submit a set of audited financial statements, together with the annual tax return and the director / manager’s report with the Revenue Department within 150 days after the end of their financial year.

Companies, partnerships and branches of foreign companies are required to submit two sets of audited financial statements and statutory annual returns with the Company Registration Department within five months of the end of their financial year. The company is also required to submit references to the GMS that approve the financial statements and a copy of the company’s shareholder list on the date of the GMS. Failure to …

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A Short Guide to Stocks and Shares

When an investor buys shares in a company or organization, they effectively buy part of that company or organization, or part of it if you want. Furthermore, the company’s performance will determine the value of shares, and overall investment. Because stock performance is related to earnings, companies that perform well will see an increase in the value of shares, with the opposite effect associated with companies that perform poorly.

Investors in a company are called shareholders, and they receive payments in the form of dividend payments that fluctuate in the company’s overall performance.

Investments in stocks are also known as ‘stocks’ and ‘equity’, and the stock market falls into two separate categories, the primary market and the secondary market.

A Short Guide to Stocks and Shares

Company Motives

There is only one reason for companies to sell shares and that is to increase capital to develop it. The company does this in two ways.

Main market

Issuing shares on the stock market for the first time, also known as ‘floating’. Companies that have floated and offered new shares to increase capital.

Secondary Market

Most investments in shares are in the secondary market, where company shares are traded every day. Price movements are relative to the company’s performance over time and demand for shares can also push stock prices up.

Stock price

Share prices are reflected by supply and demand. Stock prices rise when demand for certain stocks is high. In other words, when more investors want to buy shares in the company than sell them. The stock price will decrease when more people want to sell shares in the company than buyers. Lower stock prices make stocks more attractive to buyers.

There are other factors involved in determining stock prices with events in the wider world playing a role, as well as investor psychology. Factors that determine stock prices are broken down into geopolitical and economic (macro) factors, and factors related to (micro) companies.

Macro factors include political events, unexpected events such as terrorism or natural disasters, forecasts, interest movements, and legislative changes, while micro factors are centered on corporate profits, mergers and acquisitions, competitive activities, stock valuations, and management changes.

If you are considering investing in stocks and stocks, the golden rule is to spread risk and not put all your eggs in one basket.…

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The Importance of Writing a Business Program

If you’ve started a business, you might or may not have written a enterprise strategy. After all, writing one can be a extended, tedious procedure and takes up time you could be spending marketing and advertising and promoting. So why need to you take per week out of one’s hectic schedule to put collectively a small business plan?

The largest misconception among entrepreneurs regarding the significance in the enterprise strategy is what worth it adds to the venture. The truth is the fact that the program itself only adds minimal value. The actual process of researching your marketplace, sector and competitors and organizing your marketing and implementation program could be the critical portion.

You could possibly believe that you simply have each little detail laid out within your head, including Plan B and Strategy C, but unless you may have written a detailed small business strategy, you don’t. The time and work you put in researching and planning now will pay off later down the line when you keep away from disastrous roadblocks and are in a position to speed by means of your implementation program mainly because you anticipated every single tiny aspect from the plan and synchronized anything as effectively as you possibly can.

At some point, whether or not it’s to compete inside a competition or safe funding from an investor, you’ll need a written plan. In the event you attain that point inside your venture, it is actually protected to say that the business enterprise is relatively prosperous up to that point. Should you currently possess a plan place together, you could easily update it and submit it to the needed parties. In case you chose to overlook the worth of a business enterprise program up until that point, you are going to have to drop everything you happen to be performing and throw a single collectively quickly.

This may force you to place off vital projects and due to the hectic circumstances, you may end up using a sub-par business enterprise program that does not get accepted into a competitors or attract funding from investors. So please, do oneself a favor and write a detailed enterprise program pretty soon. You’ll be able to easily adhere to outlines provided by the SBA.…

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Security and Blockchain

In the development of technologies such as blockchain, there is internal logic, because they rely on the objective laws of physics and mathematics, but a person can control them and put them at their service. Any attempt to prohibit or stop this movement is doomed to failure.

Security and Blockchain

In the development of technologies such as blockchain, there is internal logic, because they rely on the objective laws of physics and mathematics, but a person can control them and put them at their service. Any attempt to prohibit or stop this movement is doomed to failure. Why fight the objective laws of development, is it not better to try to understand them and benefit from them.

Just think: 30 years ago, in the early 1990s, the most reputable media seriously believed that the Internet would never become truly popular. The largest media experts confidently said that their audience would never want to tear themselves away from the couch and entertain themselves. What opportunities they have missed!

We have all heard the word bitcoin more than once. The most valuable thing in this cryptocurrency is that it introduced the world to the revolutionary blockchain technology. Blockchain technology significantly improves the speed, privacy, and security of sending money. For example, the same bitcoin can be sent from one person to another without an intermediary, and the identity of each participant in the chain will be encrypted in a long line of letters and numbers.

The cryptocurrency Bitcoin has gained a terrible reputation – they began to use it for anonymous transfer of money in the process of buying drugs. Skeptics say the blockchain was created to serve the drug trade and illicit trade. But is this all we need to know about this technology?

Now we can safely talk about the “blockchain revolution”. But what is the revolutionary nature of this technology? The Internet has brought us a lot of positive things: email, social networks, mobile applications, big data, cloud computing and the nascent Internet of things. But the internet is impersonal. In 1993, New York magazine published a caricature of an American artist, Peter Steiner. In the figure, two dogs are talking in front of a computer, one another says: “On the Internet, no one knows that you are a dog.” The anonymity of the Internet has brought negative effects. Hackers, spammers, cyber fraudsters have appeared. Besides, the problem of digital inequality has arisen. Economic and political benefits are becoming increasingly asymmetric. Money brings a lot more money to those who have access to technology.

The uniqueness of the #MetaHash project lies in its versatility. The main components of the network merge into a coherent single system that allows complex decentralized applications to work in real-time under high loads. Reliability and stability of the project, as well as comprehensive security and synchronization of the resources, are determined by the components of the #MetaHash system.

The first attempt to solve the problem of secure payments on the Internet was made back in the …

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Starting Your Own Business? Venture Capital Questions – To VC or Not VC?

Of course nothing to do with Shakespeare, but an old question nevertheless. If you are starting up a new business, or expanding your current one, should you partner with an investor/VC? If you do what should you expect? The choice depends on your ambition and the success depends on your partner of choice.

From an investor’s point of view, the next 4-5 years represents an excellent recruitment market window. The market is far from buoyant but the sentiment is on an upwards curve. Like buying a house, no-one wants to buy at the peak of the market or at the bottom of a lifeless trough. But catch the market as it’s rumbling into life and you’re on to a winner. If it’s good timing for investors to get back into growth mode it’s an ideal time for business owners.

Ambition.

Are you ambitious? Of course you are. You are in recruitment and successful enough to contemplate starting a business or are running one already. But ambition means different things to different people. One end of the scale, “A”, could be to run a ‘lifestyle’ business with a small to medium sized team and simply be your own boss. At the other end, “Z”, it could be to grow a business to IPO. Where you are on this scale dictates what you should do.

Let’s be clear, if you are nearer “Z” than “A” on the ambition scale and you choose the right investor your chances of creating genuine wealth FAR outweigh going it alone. It’s not just the money but the decisions you make all along the journey, knowing that you have backing. It’s fully committing to plans versus trying things out cautiously. It’s structuring the company for success from the outset versus discovering along the way that you have made mistakes. It’s tax efficiencies that double your money, literally, versus getting caught out. Do you want a large piece of a small pie or a smaller piece of a large pie?

Investors are looking for ‘scalability’ in order for their investment to feel exciting. It is not just a case of making profits but of opportunity cost. To some extent investors have a choice of where to invest their funds so the greater the potential returns, the more attractive, influenced by their measure of risk, of course.

However, statistics would suggest that to grow aggressively and/or beyond the average recruitment company size of 5 to 15 consultants in a 3 to 5 year window requires funding. Bank funding is virtually impossible to come by in the present climate which leaves investors as the only option, unless you have just won the Euro Lottery! If that funding can be combined with specialist recruitment knowledge that you can draw on, then your chance of success multiplies.

Once you contemplate external funding, the big questions are:

How much equity will you sell (or split in a start up)?

For an existing business with a track record this is easier to …

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