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(4) Clearing Fund
The SET has no control over the Clearing Fund’s operations, but has influences in policy and operation. The Clearing Fund
operates under the Regulations of the Clearing Fund (No. 1) B.E. 2541, which require that a one-time payment of Baht 100 million be
made as an initial contribution by the SET. The ownership interest percentage will be reduced based on further contributions made
by other members of the Clearing Fund in the future. Therefore, the investment in the Clearing Fund is classified as investment in
an associate.
2. Accounting policies
2.1 Basis of preparation
The consolidated and entity financial statements have been prepared in accordance with Thai generally accepted
accounting principles under the Accounting Act B.E. 2543, being those Thai Financial Reporting Standards issued under the
Accounting Profession Act B.E. 2547.
The consolidated and entity financial statements have been prepared under the historical cost convention except as
disclosed in the accounting policy for investments below.
The preparation of financial statements in conformity with Thai generally accepted accounting principles requires the use
of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated and entity financial statements are disclosed in Note 4.
An English version of the consolidated and entity financial statements has been prepared from the statutory financial
statements that are in the Thai language. In the event of a conflict or a difference in interpretation between the two languages,
the Thai language statutory financial statements shall prevail.
2.2 New accounting standards, new financial reporting standards, new interpretation and
amendments to accounting standards and financial reporting standards
New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards
and financial reporting standards that are not yet effective and have not been early adopted by the Group:
Effective for the periods beginning on or after 1 January 2013
TAS 12 Income taxes
TAS 20 Accounting for Government Grants and Disclosure of
Government Assistance
TAS 21 (Revised 2009) The Effects of Changes in Foreign Exchange Rates
TFRS 8 Operating Segments
TSIC 10 Government Assistance - No Specific Relation to
Operating Activities
TSIC 21 Income Taxes - Recovery of Revalued Non-Depreciable
Assets
TSIC 25 Income Taxes - Changes in the Tax Status of an Entity or
its shareholders