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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Spotting Scams – A Guide For New Traders

When you’re first starting out in trading there’s a great deal to do just to find your feet, never mind protecting yourself from scams as well. Unfortunately, scammers recognize this vulnerability and new traders are often a favourit target. It’s important to know what to look out for, to be able to identify common types of scam and to be alert to warning signs. This guide is here to help.

Spotting Scams – A Guide For New Traders

Stock and share scams

Because stocks and shares still account for the bulk of money traded, it’s in this area that most scams are centered. Among the most common are pre-IPO offers, in which a seller offers stock in a company which has yet to go public. Even if this offer is legitimate – which it is usually not – if the transaction isn’t filed with the SEC, you risk losing your money and gaining nothing. Then there are pump and dump schemes, in which sellers talk up a particular stock well beyond its real worth, creating a false sense of its value. Once the price has risen due to a lot of people buying, they sell their own shares at that inflated price and disappear – and the price collapses again, leaving you with a loss.

The other big scam in this area is the pyramid scheme (one type of which is more famous as a Ponzi scheme), in which you’re sold stock that you’re assured is great value and, because you start to receive good dividends, you invest in more. The problem is that those dividends aren’t real – they’re financed from the money paid in by the next set of buyers, with the scammer creaming a nice profit off the top. Once people stop buying into the scheme, what you’ve bought is worthless. What’s more, if you’ve helped to promote the scheme, you could be in breach of the law.

Forex scams

Forex trading is an area that’s prone to scams in large part because trades take place quickly, so it’s easy for swindlers to make their money and then move on. There’s a particular problem with fake brokers and clone firms which sometimes use the details of real firms on their websites and even claim to be regulated by the FCA (remember that you can check with the FCA if you have any suspicions). they’re sometimes referred to as boiler room scams because they often have no physical office or operate out of just one room. persuading people to give them their money and then giving nothing in return. This best fxpro review by ForexFraud.com is an example of the kind of article you should be looking for when you research companies you’re unsure about.

The other big issue in forex is with signal sellers, who operate by charging for pointers to forex pairs they say will make you lots of money. Some also offer systems that can supposedly beat the market. In reality, the tips are frequently worthless and there’s nothing you can do …

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Personal Finance Knowledge – How to Tackle Your Credit Card Debt in 7 Steps

Do you have too much debt on your credit cards? Are you worried about your debt and want to reduce it? Then take comfort from the fact that you are not alone. In fact there are lots of people in the same boat as you. In order to get ahead of the game, you need to increase your personal finance knowledge and then apply your new found expertise. Do not hide your head in the sand. The fact you are actually reading this is a good start. It means you are more likely to start getting out of the hole you have created for yourself.

So what do you do? How do you actually start getting out of your dilemma?

If you continue searching online you will find loads of ways to do this. There are actually lots of solutions. Your problem now is choosing the correct solution for yourself and applying it.

Try and keep your solution as simple as possible. The simpler it is the more likely you totally understand it and the more likely you will apply your solution with discipline.

I suggest you study and apply the following basic steps, at least to start.

1 – Prepare a budget for yourself or for your family. This is easily said and most people will advise you to start with your budget, but I do not. There is one thing you should do first.

2 – The very first thing you should do is find out exactly where you are now. In other words, take stock of your present situation. Write it down or use a spreadsheet, whatever works for you. But get all the information you can from your credit cards. You will need how much you owe; when your payment is due; the APR; the reward points earned; any redemption offers for your reward points; plus anything else your card offers. Do this for each of your cards.

3 – Once you have done that you will be able to see which of your cards is hurting you the most. Usually it is the one with the highest APR or the highest balance. This depends on your specific situation.

4 – Do you have any reward points? Can they be used to make a partial repayment? Or can you use them to get something you need? Remember you will have to start spending less and if you can get what you need for points instead of money the better off you will be.

5 – Now prepare another table, this one comparing all the offers you have available for improving your situation. Offers such as; a bank loan; consolidating your debt; whatever you can find that could help you. Make your decision and go for it.

6 – Now you need to be disciplined. Prepare yourself a budget as described in item 1. If you do this now you will have a far better understanding of your present financial position. So your budget has …

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The Best Way To Play The Stock Industry Premarket stock trades

The Best Way To Play The Stock Industry Premarket stock tradesapple stock pre market tradingThe “Stock Market” is a term that is usually misapplied to what are identified as financial “markets” or financial “exchanges.” Despite the fact that stocks represent only a fraction of the actual monetary value of all the different types of monetary instruments (such as government and private industrial bonds, quick-term debt agreements, and foreign currency) purchased and sold in the course of any provided day, the common public tends to overlook these activities. That’s why I suggested up front that you earmark a sum of income in a separate account to pursue this game. Do not bet the farm on your dreams of beating the marketplace, due to the fact it really is a tough nut to crack. Consider the funds in this account as “play the stock market” cash. In other words, earmark an amount of income you could live without when you open this account.

There are some ways of investing that are significantly riskier than other people. The principal danger is that you in no way know what is going to come about. On any offered day, the stock market place could take a dive and your portfolio could go up in flames. Of course, the market generally recovers to a specific level, but even then you could lose a lot of cash along the way. And to make issues even far more risky, the a lot more funds that you invest the more money you stand to lose ought to some thing undesirable come about.

five. Never try to catch a falling knife. In other words, do not acquire a stock when its value is in a totally free-fall. Momentum is a truth of life in the stock market place. As in physics, an object in motion tends to keep in motion till acted upon by an outside force. Wait until industry forces halt the downward slide in stock value prior to you acquire.

Why Stock Market Costs Rise And Fallstock market online

stock market crash todayInvesting in the stock marketplace can be each very risky (due to the fact you can drop the income invested) or really rewarding (simply because you can earn multiples times your initial investment.) This write-up explores each of these. Day trading is normally only permitted in margin accounts due to the fact the practice of day trading could violate free-ride trading rules. Stock transactions take 3 days for settlement. Getting and promoting stocks on the very same day in a cash account could violate the rule if you are trading with funds that have not yet settled from a former acquire or sale. In other words, the danger lies in employing the value of an unsettled trade to engage in one more trade. This type of activity will get your account suspended for up to ninety days or far more. Margin account needs are meant to make certain that your account will have the necessary equity to cover your transactions without having breaking the totally free-ride …

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Obtaining Stocks To Trade Shouldn’t Be That Hard Track Market Trends And The Best

Obtaining Stocks To Trade Shouldn't Be That Hard Track Market Trends And The Beststock market definition Understanding stocks and shares is not a difficult job if you never get too overly technical and just appear for the stock market basics. Anyway, it was that earnings play and that stock screener that I learnt about the stocks, their brands, their merchandise, their operations, their financials, their stock cost movement behaviours and began creating my favourite stock counters. Quickly forward to nowadays, I use these sets of portfolios for my day trading purpose. As a day trader, I am searching for counters that swing a lot for the duration of an active market place, counters that have long candles (does not matter if they have been greens or reds), counters that are volatile.

The role of marketing in stock handle can not overstate. Advertising management are accountable for discovering out what the consumers want in terms of varieties, functionalities and high quality. They transmit this information to production who informs acquiring as the materials needed. Advertising need to guarantee that the final item is sold at a profit so that the firm will continue to be in enterprise.

When a industry price tag sustains itself for a certain period of time, it is called a market trend. The terms bull marketplace and bear industry indicate the upward and downward movement of value. Whilst the term bulls marketplace indicates optimism in the market place, bears indicate pessimism. Bulls and bears can rule either the whole marketplace or some particular sectors or securities. The occurrence of market trends can be explained by the following example.

Stock Industry Trends stock market trading

premarket stock trading cnbcStock investing is not straightforward, and it can definitely be stressful. On-line stock investing right now is the smartest decision you can make to get maximum return in minimum time. Now, you ought to neglect these standard and cumbersome trading idea – merely click the mouse and you are prepared to invest in the industry. Search an online trading business, open an account and start purchasing and promoting of stocks by way of online brokerage. Just before deciding on a stock trading company, you ought to search for the best 1 in the market place. Also, you should carefully read all the terms and conditions and then register on-line.

When investors sign up to the initiative they nominate which companies they would like to engage with and in the capacity as lead or supporting investor. A set of principles and processes has been developed for investor signatories, by which lead investors are identified to engage with businesses on the Climate Action 100+ concentrate list. These principles contain consideration of previous history of engagement with the focus business, geographic proximity, investor capacity and stock holding over the term of the initiative. In addition, where feasible, the initiative aims to make certain asset owners and asset managers are among the investors signed on to each engagement.

Common method: Be aggressive as it’s a zero-sum game. I believe the 1st pitfall comes from teams who listen …

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