138
Annual Report
2013
Ratchaburi Electricity Generating Holding Public Company Limited and its subsidiaries
Notes to the financial statements
17
2 Basis of preparation of the financial statements
(a) Statement of compliance
The financial statements are prepared in accordance with Thai Financial Reporting Standards
(“TFRS”) and guidelines promulgated by the Federation of Accounting Professions (“FAP”),
applicable rules and regulations of the Thai Securities and Exchange Commission.
The FAP has issued the following new and revised TFRS relevant to the Group’s/Company’s
operations and effective for accounting periods beginning on or after 1 January 2013:
TFRS
Topic
TAS 20
Accounting for Government Grants and Disclosures of
Government Assistance
TAS 21 (revised 2009)
The Effects of Changes in Foreign Exchange Rates
TFRS 8
Operating Segments
The adoption of these new and revised TFRS has resulted in changes in the Group’s/Company’s
accounting policies. The effects of these changes are disclosed in note 3.
In addition to the above new and revised TFRS, the FAP has issued a number of other new and revised
TFRS which are effective for financial statements beginning on or after 1 January 2014 and have not
been adopted in the preparation of these financial statements. Those new and revised TFRS that are
relevant to the Group’s/Company’s operations are disclosed in note 35.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis except as stated in the
accounting policies
(
c) Presentation currency
The financial statements are prepared and presented in Thai Baht, which is the Company’s functional
currency. All financial information presented in Thai Baht has been rounded in the notes to the
financial statements to the nearest thousand unless otherwise stated.
(d) Use of estimates and judgments
The preparation of financial statements in conformity with TFRS requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities, income and expenses. Actual results may differ from estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which estimates are revised and in any future periods
affected.
Note 15
Deferred tax
Note 19
Employee benefit obligations
Note 32
Financial instruments
otes to the financial statements
Ratchaburi Electricity Generating Holding Public Company Limited and its subsidiaries
