Page 134 - TGIA_AnnualReport2011

1. General Information
The General Insurance Association’s objectives are to promote general insurance business, to coordinate
with the Office of Insurance Commission, the Ministry of Finance, to support the operation of the insurance
institute, to conduct public relations activities to promote the business and to create public awareness and
fairness for all and to serve as a non-profit organization.

GIA was established and located at the registered address at 223 Soi Ruamrudee, Wireless Road, Lumpini,
Pathumwan, Bangkok.

GIA has 65 general insurance companies as members

2. Basis of Financial Statements Preparation
This financial statement is prepared according to the IFRSs for Non-Publicly Accountable Entities (NPAEs),
issued and announced by the Federation of Accounting Professions in 2011. The compliance to the IFRSs for

Non-Publicly Accountable Entities has significant effect on accounting policies of the General Insurance
Association and its financial statement. The impact of this change has been cited in the Note to financial
statement 3.

The preparation of financial statement, based on the IFRSs for Non-Publicly Accountable Entities (NPAEs)
requires judgment and several assumptions that affect the formulation of accounting policies and financial
report on assets, liabilities, revenue and expenses in which the actual results may differ from the assumption.

3. Changes of Accounting Policies
As of January 1, 2011, henceforth, after the Thai Financial Reporting Standard became effective as cited in
Section 3, the General Insurance Association, therefore, changed its accounting policies as follows:
Land, Plant and Equipment Accounting
Staff Benefits Accounting

Land, Plant and Equipment Accounting
The General Insurance Association complies with the TAS 16 (Revised in 2009) on Land, Plant and
Equipment in specifying and recording cost and depreciation of land, plant and equipment.

Significant changes in the TAS 16 that affected the General Insurance Association.
(a) The cost of removing, transferring and renovating properties are treated as cost of the properties
and yearly depreciation value is assesses.

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