KPMG Phoomchai Audit Ltd. 30 October 2007 IFRS AUDIT Thai Accounting Standards (TAS) Updates

2 Thai Accounting Standards: Thai GAAP in Transition 1. 1.Overview of Developments affecting financial statements for 2007/2008 Revised TAS first effective for annual financial statements with annual periods beginning on or after 1 January 2007 Revised TAS first effective for annual financial statements with annual periods beginning on or after 1 January 2008 Current exposure drafts and the draft has already disseminated

3 TAS No.TopicIFRS/IAS No. TAS 44 (Revised 2007) Consolidated and Separate Financial Statements IAS 27 TAS 45 (Revised 2007) Investment in AssociatesIAS 28 TAS 46 (Revised 2007) Interest in Joint VenturesIAS 31 Revised TAS first effective for annual financial statements with annual periods beginning on or after 1 January 2007

4 Revised TAS first effective for annual financial statements with annual periods beginning on or after 1 January 2008 TAS No.TopicIFRS/IAS No. TAS 25 (Revised 2007) Cash Flows StatementsIAS 7 TAS 33 (Revised 2007) Borrowing CostsIAS 23 TAS 49 (Revised 2007) Construction ContractsIAS 11

5 Revised TAS first effective for annual financial statements with annual periods beginning on or after 1 January 2008 (continued) TAS No.TopicIFRS/IAS No. TAS 35 (Revised 2007) Presentation of Financial Statements IAS 1 TAS 39 (Revised 2007) Accounting Policies Changes in Accounting Estimates and Errors IAS 8 TAS 41 (Revised 2007) Interim Financial ReportingIAS 34

6 Current exposure drafts and the draft has already disseminated NoTAS No. TopicIFRS/IAS No. 1TAS 29LeasesIAS 17 2TAS 30The Effects of Changes in Foreign Exchange Rates IAS 21 3TAS 31InventoriesIAS 2 4TAS 32Property, Plant and EquipmentIAS 16 5TAS 36Impairment of AssetsIAS 36 6TAS 37RevenuesIAS 18 7TAS 38Earning per ShareIAS 33 8TAS 47Related Party DisclosuresIAS 24 9TAS 50Segment ReportingIAS 14 10TAS 51Intangible AssetsIAS 38

7 Current exposure drafts and the draft has already disseminated (continued) No.TAS No.TopicIFRS/IA S No. 11TAS 55Accounting for Government Grants and Disclosure of Government Assistance IAS 20 12TAS 56Income TaxesIAS 12 13TAS 57AgricultureIAS Framework for the Preparation and Presentation of Financial Statements IAS 1 15-Employee BenefitsIAS Accounting and Reporting by Retirement Benefit Plan IAS Investment PropertyIAS 40

8 Current exposure drafts and the draft has already disseminated (continued) NoTAS No.TopicIFRS/IAS No. 18-Share-based PaymentIFRS 2 19-Business CombinationsIFRS 3 20-Insurance ContractsIFRS 4 21-Non-current Assets Held for Sale and Discontinued Operations IFRS 5 22-Exploration for and Evaluation of Mineral Assets IFRS 6 23TAS 48Financial Instruments: Disclosure and Presentation IAS Financial Instruments: Recognition and Measurement IAS Financial Instruments: DisclosuresIFRS 7