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2. Basis for preparation of financial statements

The financial statements have been prepared in accordance with Thai Financial Reporting
Standards enunciated under the Accounting Professions Act B.E. 2547 and their presentation
has been made in compliance with the stipulations of the BOT’s Notification No. Sor Nor Sor

21/2561, dated 31 October 2018, regarding “Preparation and Announcement of Financial
Statements of Commercial Banks and Parent Companies of Financial Holding Groups”, which

was effective for the fiscal year 2020.

The financial statements in Thai language are the official statutory financial statements of the
Company. The financial statements in English language have been translated from the

financial statements in Thai language.

The financial statements have been prepared on a historical cost basis except where
otherwise disclosed in accounting policies.

3. Financial reporting standards

3.1 Financial reporting standards that became effective in the current period

During the year, the Company has adopted the revised (revised 2019) and new financial

reporting standards and interpretations which are effective for fiscal year beginning on or after 241
1 January 2020. These financial reporting standards were aimed at alignment with the

corresponding International Financial Reporting Standards with most of the changes directed
towards clarifying accounting treatment and providing accounting guidance for users of the
standards. However, the new standard involves changes to key principles, which are

summarised below: Bangkok Commercial Asset Management Public Co., Ltd.