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Provincial Waterworks Authority Annual Report 2023 241

Provincial Waterworks Authority
Notes to the Financial Statements

For the year ended 30 September 2023

1. General Information
The Provincial Waterworks Authority (PWA) is a state enterprise established in accordance with the
state policy to improve and expand provincial water supply for effciency by transferring government affairs
such as the Provincial Waterworks and the Provincial Waterworks Construction Divisions of Department
of Public Works under the Ministry of Interior as well as the Rural Waterworks and the Rural Waterworks
Construction Divisions of Department of Health under the Ministry of Public Health to establish Provincial
Waterworks Authority under the Ministry of Interior through the enactment of the Provincial Waterworks
Authority Act B.E. 2522 (1979) on 28 February 1979. It aims to operate and support waterworks business
by exploration, procurement of raw water source and acquisition of raw water for production, distribution
and sale of water supply including other relevant and related businesses useful or utility services in
consideration of state benefits and people's sanitation.
Head office is located at 72 Soi Changwattana 1, Bang Khen, Lak Si, Bangkok 10210

2. Basis for Preparation and Presentation of the Financial Statements
2.1 Presentation of the Financial Statements
The financial statements were prepared in accordance with the generally accepted accounting
principles under Accounting Act B.E. 2543 (2000) and accounting standards issued under the Accounting
Professions Act B.E. 2547 (2004), including the interpretations and accounting practice guideline declared
by Federation of Accounting Professions, which is in accordance with the presentation of the financial
statements in compliance with the announcement of Department of Business Development in
“The Determination of Contracted Form which must be in the Financial Statement (No. 3) B.E. 2562 (2019)
dated 26 December 2019.” The transactions of PWA's pension fund or employee gratuity fund were also
included in PWA financial statements in accordance with the Ministry of Finance's letter No. MOF.0209.2/4171
dated 9 March 2001 Subject: Financial Statements of Employees' Provident Fund and Gratuity Fund.
PWA financial statements present the financial position and operating performance of PWA's employee
gratuity fund for the year ended 30 September 2023 and other related transactions Item No. 5.24 of the
Notes to the financial statements.
2.2 The Details of Thai Accounting Standards (TAS), Thai Financial Reporting Standards (TFRS),
TAS Interpretations, and Thai Financial Report Interpretation Committee (TFRIC), as announced
in the Government Gazette are as follows:
2.2.1 New financial reporting standards effective for the present accounting periods
The PWA has put into practice TAS, TFRS, TSIC, and TFRIC which were issued and
revised according to the Notification of Federation of Accounting Professions (FAP) and have been effective
for annual accounting periods beginning on or after 1 January 2022. The PWA management considered that
there is no significant impact on the PWA’s accounting policies and financial statements.
2.2.2 Financial reporting standards effective for financial statements in the accounting
periods beginning or after 1 January 2023
Thailand Federation of Accounting Professions (TFAP) promulgated a number of revised
financial reporting standards and their interpretations, which have been effective for financial statements
with accounting periods beginning on or after 1 January 2023. The financial reporting standards have been
updated or made available to provide equivalent content to international financial reporting standards,
mainly by clarifying accounting practices and providing accounting practice guidelines to users. Additionally,
some financial reporting standards provide practical waivers or temporary exemptions.