SET Executive Vice-President, Mrs. Patareeya Benjapolchai, revealed the SET has planned to create a database of listed companies' financial statements to ensure that all of the financial statements meet the same standards and follow a similar format. Securities analysts and other interested people will be able to use information on the financial statements accurately and efficiently. The SET has created a standard form for all financial statements and has asked auditing offices of listed companies to prepare the information accordingly.
"The SET has received cooperation from 20 auditing firms in providing the information according to the standardized form. The database will be used on a trial basis with this year's first quarter financial statements. The SET will send the information directly to securities analysts. The standardized financial statements of the second quarter of 2003 will be displayed on the SET Smart program. However, listed companies are still required to submit their financial statements to the SET, according to its current requirement, 45 days after the end of the quarter.
The standardized form for the financial statements will be an improvement as it will make it easier for securities analysts to call up information on listed companies' financial statements for their analysis. Currently, listed companies' financial statements are displayed in a variety of formats, which take time in compiling a new database for all listed companies. Therefore, having a standardized financial statement will make it easier to access the information and allow investors to receive securities analysis quicker and more efficiently," Mrs. Patareeya said. The 20 auditing firms which cooperated in setting up this standardized financial statement include Ernst and Young Office Ltd., Pricewaterhouse Coopers ABAS Ltd., KPMG Phoomchai Audit Ltd., ANS Business Consultants Co., Ltd., AST Master Co., Ltd., SK Accountant Service Co., Ltd., Chamras CPA Co., Ltd., Deloitte Touche Tohmatsu Jaiyos Co., Ltd., Bunchikij Co., Ltd., BDO Richfield Co. Ltd., United Auditing PKF Ltd., Dharmniti Auditing Co., Ltd., Office of Pitisevi Co., Ltd., Accountant Management Consultants Co., Ltd., A.M.T. & Associates Co., Ltd., Dr. Virach and Associates Co., Ltd., Pipat and Associates Co., Ltd., Office of DIA International Auditing and the Office of the Auditor-General.
The SET will grant automatic membership to its online information system, or SET Smart, to the auditing firms participating in this program.
"The SET appreciates the contributions that these auditing firms have made to the program. On Friday, April 25 and Monday, April 28, the SET will organize an information session to explain how to fill out these standardized financial statement forms to be held at the Stock Exchange of Thailand building on Ratchadapisek Road.
The program to set up a financial statement database for listed companies will not only benefit securities analysts, but will also benefit listed companies, because their financial statements can be analyzed more quickly. The information can be disseminated to investors in a shorter period of time, enabling investors to access information right away to make their investment decisions," Mrs. Patareeya concluded.
