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INDORAMA VENTURES PUBLIC COMPANY LIMITED
(c)
Presentation currency
The financial statements are prepared and presented in Thai Baht. All financial information presented in Thai Baht has been rounded to the nearest thousand unless otherwise stated.
(d)
Use of estimates and judgements
The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which estimates are revised and in any future periods affected.
Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes:
3
Note 5
Acquisitions of businesses
Note 29
Employee benefit expenses
Note 36
Financial instruments
Note 38
Contingent liabilities
Note 39
Impact of flooding
Changes in accounting policies (a) Overview
From 1 January 2011, consequent to the adoption of new and revised TFRS as set out in Note 2, the Group/ Company has changed its accounting policies in the following areas:
Presentation of financial statements
Accounting for business combinations
Accounting for acquisitions of non-controlling interests
Accounting for property, plant and equipment
Accounting for borrowing costs
Accounting for employee benefits