Balance Sheet Assets Series

Valuation in IFRS/ IAS

and Convergence of Local Accounting Standards in Asia to IAS

Valuation & Advisory Services December 2007

 CONTENTS
What is IFRS/ IAS? 2

Valuation in IFRS/ IAS 3

l Accounting in Share-based Payment 4

l Accounting in Business Combination 6

l Accounting in Financial Instruments – Presentation 7

l Accounting in Financial Instruments – Measurement 9

l Accounting in Investment Property 12

Convergence of Local Accounting Standards 15
in Asia to IAS

Looking Forward 20

December 2007 CB RICHARD ELLIS 1

 Valuation in IFRS/ IAS

What is IFRS/ IAS?

Founded in 1973, the International Accounting Standards Committee (IASC) has long
spent lots of efforts in promoting uniformity of accounting principles and consistency
of accounting practices by businesses and other organisations around the world and
until the comprehensive reorganisation in 2001, IASC was replaced by the International
Accounting Standards Board (IASB), which is an independent, private-sector body that
develops and approves International Financial Reporting Standard (IFRS) and International
Accounting Standards (IAS) and continues its mission to improve and harmonise financial
reporting around the world.

Financial statements are prepared and presented for various readers from many entities
around the world. Despite the similarity of financial statements from country to country,
difference in presentation is common. This is due to a variety of social economic and legal
circumstances and different considerations for the needs of different users of financial
statements when setting national requirements. These different circumstances have led
to the use of a variety of definitions of the elements of financial statements; that is, for
example, assets, liabilities, equity, income and expenses. They have also resulted in the
use of different criteria for the recognition of items in the financial statements and in a
preference for different bases of measurement.

IASC is committed to narrowing the differences by seeking to harmonise regulations,

accounting standards and procedures relating to the preparation and presentation of
financial statements. IAS serves as an international benchmark for certain countries which
develop their own requirements and as a basis for national accounting requirements in
many countries. It is generally believes that further harmonization can best be pursued
by focusing on financial statements that are prepared for the purpose of providing
information that is useful in making economic decisions.

PURPOSE OF FINANCIAL STATEMENTS

According to IFRS, the objective of financial statements is to provide information about

the financial position, performance and changes in financial position of an entity, such
objective is useful to a wide range of users in making economic decisions. Some common
uses of financial statements include:
decide when to buy, hold or sell an equity investment;
l

assess the stewardship or accountability of management;

l

assess the ability of the entity to pay and provide other benefits to its employees;
l

assess the security for amounts lent to the entity;

l

determine taxation policies;

l

determine distributable profits and dividends;

l

prepare and use national income statistics; or

l

regulate the activities of entities.

l

The Board of IASC believes that financial statements prepared on the basis of the
above purposes would meet the needs of most users. However, it is recognized that
governments may specify different or additional requirements for their own purposes,
but these requirements should not affect financial statements published for the benefit of
other users unless they also meet the needs of those other users.

Financial statements are most commonly prepared in accordance with an accounting

model based on recoverable historical cost and the nominal financial capital maintenance
concept. Other models and concepts may be more appropriate in order to meet the
objective of providing information that is useful for making economic decisions, although
there is presently no consensus for change. A framework in IFRS has been developed so
that it is applicable to a range of accounting models and concepts of cost and capital
maintenance.

2 VALUATION & ADVISORY SERVICES

Valuation in IFRS/ IAS
To ensure the financial statements can serve their purpose, IFRS has promoted the
concept of fair value assessment, which is considered as one of the reliable measures
of the value of the components on the financial statements. However, there is currently
a lack of clarity in IFRS as to the valuation methodology and thus, it is common that an
independent valuer is appointed to give advice on the methodology required and provide
appropriate valuations for the subject portfolio of assets.

ROLE OF VALUER

The role of valuers during the financial statement preparation is to provide the
client with all relevant information and to provide a fair value of the subject assets
(or liabilities), which enables the client to make decisions on the most appropriate
accounting treatment and to account for the different assets (or liabilities) employed in
the enterprise in a compatible fashion. The valuation report, which serves the purpose
of financial reporting, includes, but not limited to, the effective date of valuation, the
methods and significant assumptions applied in estimating fair value and if applicable,
the extent to which the values were determined by reference to observable prices in an
active market or recent market transactions at arm’s length terms or were estimated
using other valuation techniques.

December 2007 CB RICHARD ELLIS 3

 Valuation in IFRS/ IAS

VALUATION IN IFRS/ IAS

The following tables summarize several requirements set in IAS and IFRS in relation to fair
value assessment and particularly focuses on the following subject matters:
• Share-based Payment (IFRS 2)
• Business Combination (IFRS 3)
• Financial Instruments Presentation (IAS 32 & IFRS 7)
• Financial Instruments Measurement (IAS 39)
• Investment Properties (IAS 40)

ACCOUNTING IN
SHARE-BASED PAYMENT
– IFRS 2: Share-based Payment

Objective The objective of IFRS 2 is to specify the financial reporting by an entity

when it undertakes a share-based payment transaction. In particular,
it requires an entity to reflect in its profit or loss and financial position
the effects of share-based payment transactions, including expenses
associated with transactions in which share options are granted to
employees.

Definition of A share-based payment is a transaction in which the entity receives

Share-based or acquires goods or services either as consideration for its equity
Payment instruments, or by incurring liabilities for amounts based on the price
of the entity’s shares or other equity instruments of the entity. The
accounting requirements for the share-based payment depend on
how the transaction will be settled, that is, by the issuance of (a)
equity, (b) cash, or (c) equity and cash.

Measurement Depending on the type of share-based payment, fair value may be

Guidance determined by the value of the shares or rights to shares given up, or
by the value of the goods or services received:

(a) General fair value measurement principle

In principle, transactions in which goods or services are received
as consideration for equity instruments of the entity should be
measured at the fair value of the goods or services received.
Only if the fair value of the goods or services cannot be measured
reliably would the fair value of the equity instruments granted be
used.

(b) Measuring employee share options

For transactions with employees and others providing similar
services, the entity is required to measure the fair value of the
equity instruments granted, because it is typically not possible to
estimate reliably the fair value of employee services received.

(c) When to measure fair value — options

For transactions measured at the fair value of the equity
instruments granted (such as transactions with employees), fair
value should be estimated at grant date.

(d) When to measure fair value — goods and services

For transactions measured at the fair value of the goods or
services received, fair value should be estimated at the date of
receipt of those goods or services.

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4 VALUATION & ADVISORY SERVICES

 (e) Measurement guidance
For goods or services measured by reference to the fair value of
the equity instruments granted, IFRS 2 specifies that, in general,
vesting conditions are not taken into account when estimating the
fair value of the shares or options at the relevant measurement
date (as specified above). Instead, vesting conditions are taken
into account by adjusting the number of equity instruments
included in the measurement of the transaction amount so that,
ultimately, the amount recognised for goods or services received
as consideration for the equity instruments granted is based on
the number of equity instruments that eventually vest.

(f) More measurement guidance

IFRS 2 requires the fair value of equity instruments granted to be
based on market prices, if available, and to take into account the
terms and conditions upon which those equity instruments were
granted. In the absence of market prices, fair value is estimated
using a valuation technique to estimate what the price of those
equity instruments would have been on the measurement date
in an arm’s length transaction between knowledgeable, willing
parties. The standard does not specify which particular model
should be used.

(g) If fair value cannot be reliably measured

IFRS 2 requires the share-based payment transaction to be
measured at fair value for both listed and unlisted entities. IFRS
2 permits the use of intrinsic value (that is, fair value of the shares
less exercise price) in those “rare cases” in which the fair value
of the equity instruments cannot be reliably measured. However
this is not simply measured at the date of grant. An entity would
have to re-measure intrinsic value at each reporting date until
final settlement.

(h) Performance conditions

IFRS 2 makes a distinction between the handling of market
based performance features from non-market features. Market
conditions are those related to the market price of an entity’s
equity, such as achieving a specified share price or a specified
target based on a comparison of the entity’s share price with an
index of share prices of other entities. Market based performance
features should be included in the grant-date fair value
measurement. However, the fair value of the equity instruments
should not be reduced to take into consideration non-market
based performance features or other vesting features.

Source:
1. International Financial Reporting Standards 2006, issued by International Accounting Standard Board
2. www.iasplus.com

December 2007 CB RICHARD ELLIS 5

 Valuation in IFRS/ IAS

ACCOUNTING IN
BUSINESS COMBINATION
– IFRS 3: Business Combination

Objective The objective of IFRS 3 is to specify the financial reporting by an entity

when it undertakes a business combination.

Goodwill The acquirer shall, at the acquisition date:

(a) recognise goodwill acquired in a business combination as an asset;

and

(b) initially measure that goodwill at its cost, which is the excess of the cost of
the business combination over the acquirer’s interest in the net fair value
of the identifiable assets, liabilities and contingent liabilities recognized.

After initial recognition, the acquirer shall measure goodwill acquired in a

business combination at cost less any accumulated impairment losses.

Goodwill acquired in a business combination shall not be amortised.

Instead, the acquirer shall test it for impairment annually, or more frequently
if events or changes in circumstances indicate that it might be impaired, in
accordance with IAS 36. Excess of acquirer’s interest in the net fair value of
acquiree’s identifiable assets, liabilities and contingent liabilities over cost.

If the acquirer’s interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities recognised in accordance with
paragraph 36 exceeds the cost of the business combination, the acquirer
shall (a) reassess the identification and measurement of the acquiree’s
identifiable assets, liabilities and contingent liabilities and the measurement
of the cost of the combination; and (b) recognise immediately in profit or
loss any excess remaining after that reassessment.

Disclosure The entity should disclose information that enables users of its financial
statements to evaluate changes in the carrying amount of goodwill during
the period.

The entity should disclose a reconciliation of the carrying amount of

goodwill at the beginning and end of the period, showing separately:

(a) the gross amount and accumulated impairment losses at the beginning
of the period;

(b) additional goodwill recognised during the period except goodwill

included in a disposal group that, on acquisition, meets the criteria to be
classified as held for sale in accordance with IFRS 5;

(c) adjustments resulting from the subsequent recognition of deferred tax

assets during the period in accordance with paragraph 65;

(d) goodwill included in a disposal group classified as held for sale in

accordance with IFRS 5 and goodwill derecognised during the period
without having previously been included in a disposal group classified
as held for sale;

(e) impairment losses recognised during the period in accordance with

IAS 36;

(f) net exchange differences arising during the period in accordance with
IAS 21, “The Effects of Changes in Foreign Exchange Rates;”

(g) any other changes in the carrying amount during the period; and

(h) the gross amount and accumulated impairment losses at the end of
the period.
Source:
1. International Financial Reporting Standards 2006, issued by International Accounting Standard Board
2. www.iasplus.com
6 VALUATION & ADVISORY SERVICES
 ACCOUNTING IN FINANCIAL INSTRUMENTS —
PRESENTATION
– IAS 32 and IFRS 7: Financial Instruments: Presentation and Disclosure

Objective The objective of IAS 32 is to clarify the classification of financial

instruments, from the perspective of the issuer, into financial assets,
financial liabilities and equity instruments and prescribe strict
conditions which financial assets and liabilities may be offset in the
balance sheet. It also provides a guideline of the disclosures about
financial instruments, including information as to their fair value.

Definition of A financial instrument is a contract that results in a financial asset of

a financial one enterprise and a financial liability or equity instrument of another
instrument enterprise.

It gives one party a contractual right to exchange financial assets with

another party under conditions that are potentially favourable, or a
contractual obligation to exchange financial assets with another party
under conditions that are potentially unfavourable. Some instruments
embody both a right and an obligation to make an exchange.
Since the terms of the exchange are determined on inception of the
derivative instrument, as prices in financial markets change, those
terms may become either favourable or unfavourable.

A financial asset is cash, a contractual right to receive cash or another

financial asset, a contractual right to exchange financial instruments
with another enterprise on terms that are potentially favourable, or
an equity instrument of another enterprise. A financial liability is a
contractual obligation to deliver cash or another financial asset or an
obligation to exchange financial instruments with another enterprise
on terms that are potentially unfavourable.

Common examples of financial instruments include:

• convertible bonds;
• debt and equity securities;
• asset-backed securities, such as collateralised mortgage obligations;
• derivatives, including options, rights, warrants, futures contracts,
forward contracts, and swaps;
• rights and obligations with insurance risk under insurance contracts; and
• employers’ rights and obligations under pension contracts.

Disclosure The carrying amounts of each of the following categories, as defined

in IAS 39, shall be disclosed either on the face of the balance sheet or
in the notes:

(a) financial assets at fair value through profit or loss, showing

separately

(i) those designated as such upon initial recognition and

(ii) those classified as held for trading in accordance with IAS 39;

(b) held-to-maturity investments;

(c) loans and receivables;

(d) available-for-sale financial assets;

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December 2007 CB RICHARD ELLIS 7

 Valuation in IFRS/ IAS

(e) financial liabilities at fair value through profit or loss, showing

separately

(i) those designated as such upon initial recognition and

(ii) those classified as held for trading in accordance with HKAS 39;
and

(f) financial liabilities measured at amortised cost.

If the entity has designated a loan or receivable (or group of loans or

receivables) as at fair value through profit or loss, it shall disclose:

(a) the maximum exposure to credit risk of the loan or receivable at the
reporting date.

(b) the amount by which any related credit derivatives or similar

instruments mitigate that maximum exposure to credit risk.

(c) the amount of change, during the period and cumulatively, in the
fair value of the loan or receivable (or group of loans or receivables)
that is attributable to changes in the credit risk of the financial asset
determined either:

(i) as the amount of change in its fair value that is not attributable
to changes in market conditions that give rise to market risk; or

(ii) using an alternative method the entity believes more faithfully

represents the amount of change in its fair value that is attributable
to changes in the credit risk of the asset.

Changes in market conditions that give rise to market risk include

changes in an observed (benchmark) interest rate, commodity price,
foreign exchange rate or index of prices or rates.

(d) the amount of the change in the fair value of any related credit
derivatives or similar instruments that has occurred during the period
and cumulatively since the loan or receivable was designated.

If the entity has designated a financial liability as at fair value through

profit or loss in accordance with IAS 39, it shall disclose:

(a) the amount of change, during the period and cumulatively, in the
fair value of the financial liability that is attributable to changes in the
credit risk of that liability determined either:

(i) as the amount of change in its fair value that is not attributable
to changes in market conditions that give rise to market risk; or

(ii) using an alternative method the entity believes more faithfully

represents the amount of change in its fair value that is attributable
to changes in the credit risk of the liability.

Changes in market conditions that give rise to market risk include

changes in a benchmark interest rate, the price of another entity’s
financial instrument, a commodity price, a foreign exchange rate
or an index of prices or rates. For contracts that include a unit-
linking feature, changes in market conditions include changes in the
performance of the related internal or external investment fund.

(b) the difference between the financial liability’s carrying amount and
the amount the entity would be contractually required to pay at
maturity to the holder of the obligation.

Source:
1. International Financial Reporting Standards 2006, issued by International Accounting Standard Board
2. www.iasplus.com

8 VALUATION & ADVISORY SERVICES

 ACCOUNTING IN FINANCIAL INSTRUMENTS —
MEASUREMENT
– IAS 39: Financial Instruments: Recognition and Measurement

Objective The objective of IAS 39 is to establish principles for recognizing and

measuring financial assets, financial liabilities and some contracts to buy
or sell non-financial items.

Scope There are several exclusions from the normal classification and accounting
Exclusion rules for financial assets. The items excluded are:

(a) a hedged item in a fair value hedge;

(b) interests in subsidiaries, associates and joint ventures, except where

IAS 27, 28 or 31 requires them to be accounted for under IAS 39;

(c) rights and obligations under leases, except for embedded derivatives
included in lease contracts;

(d) employee’s rights and obligations under employee benefit plans;

(e) rights and obligations under an insurance contract as defined in IFRS

4 Insurance Contracts or under a contract that is within the scope of
IFRS 4 because it contains a discretionary participation feature;

(f) financial instruments issued by the entity that meet the definition of an
equity instrument in IAS 32 (including options and warrants);

(g) contracts for contingent consideration in a business combination;

(h) contracts between an acquirer and a vendor in a business combination

to buy or sell an acquiree at a future date;

(i) financial instruments, contracts and obligations under share-based

payment transactions, except for contracts that can be settled net in
cash or another financial instrument; and

(j) loan commitments that cannot be settled net in cash and which the
entity has not designated as at fair value through profit or loss.

Classification There are four categories of financial assets:

(a) Financial assets at fair value through profit or loss which has
two subcategories:

– any financial asset that is designated on initial recognition as

one to be measured at fair value with fair value changes in
profit or loss.

– financial assets that are held for trading. All derivatives (except those
designated hedging instruments) and financial assets acquired or
held for the purpose of selling in the short term or for which there
is a recent pattern of short-term profit taking are held for trading.

(b) Loans and receivables are financial assets with fixed or

determinable payments that are not quoted in an active market,
that are not intended for trading, that are not initially designated
as available for sale or where the holder may not recover
substantially all of its initial investment other than because of
credit deterioration (e.g. interest only strip). Loans and receivables
are subsequently measured at amortised cost using the effective
interest method, and are subject to impairment testing.

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December 2007 CB RICHARD ELLIS 9

 Valuation in IFRS/ IAS

(c) Held-to-maturity investments are financial assets with fixed

or determinable payments and fixed maturity that an entity has
the positive intention and ability to hold to maturity. Held-to-
maturity investments are measured at amortised cost.

(d) Available-for-sale financial assets is a residual category,

applicable to those financial assets that are not classified as (a)
loans and receivables, (b) held-to-maturity investments or (c)
financial assets at fair value through profit or loss. Available-for-
sale financial assets are carried at fair value subsequent to initial
recognition.

Fair Value Underlying the definition of fair value is a presumption that an

Measurement entity is a going concern without any intention or need to liquidate,
to curtail materially the scale of its operations or to undertake a
transaction on adverse terms.

Active market: Quoted Price

The existence of published price quotations in an active market is

the best evidence of fair value and, when they are available, they
must be used to measure fair value. The phrase “quoted in an active
market” means that quoted prices are readily and regularly available
from an exchange, dealer, broker, industry group, pricing service
or regulatory agency. Those prices represent actual and regularly
occurring market transactions at an arm’s length basis. The price can
be taken from the most favourable market readily available to the
entity, even if that was not the market in which a transaction would
occur. The quoted market price cannot be adjusted for “lockage or
liquidity” factors. The fair value of a portfolio of financial instruments
is the product of the number of units of each instrument and its
quoted market prices.

The appropriate quoted market price for an asset held or a liability

to be issued is the current bid price and for an asset to be acquired
or liability held is the asking price. When an entity has assets
and liabilities with offsetting risk positions, it may use mid-market
prices and apply the bid or asking price to the net open position
as appropriate. When current bid prices are unavailable, the price
of the most recent transaction provides evidence of the current fair
value, as long as there has not been a significant change in economic
circumstances since the time of transaction.

No active market: valuation technique

If the market for a financial instrument is not active, fair value is

established by using a valuation technique. Valuation techniques
include using recent arm’s length market transactions between
knowledgeable, willing parties, if available, reference to the current
fair value of another instrument that is substantially the same,
discounted cash flow analysis and option pricing models.

The objective of a valuation technique is to establish what the

transaction price would have been on the measurement date
in an arm’s length transaction motivated by normal business
considerations.

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10 VALUATION & ADVISORY SERVICES

 Valuation techniques that are well established in financial markets
include reference to a transaction that is substantially the same with
adjustment for the differences, discounted cash flows and option
pricing models. An acceptable valuation technique incorporates all
factors that market participants would consider in setting a price,
and should be consistent with accepted economic methodologies for
pricing financial instruments. Entities are also required to periodically
calibrate the valuation technique and test it for validity using prices
from any observable current market transactions in the same
instrument or based on any available observable market data. An
entity obtains market data consistently in the same market where the
instrument was originated or purchased.

Normally the amount paid or received for a financial instrument is

the best estimate of fair value at inception. However, where all data
inputs to a valuation technique are obtained from observable market
transactions, the resulting calculation of fair value can be used for
initial recognition.

In applying discounted cash flow analysis, an entity uses one or more

discount rates equal to the prevailing rates of return for financial
instruments having substantially the same terms and characteristics,
including the credit quality of the instrument, the remaining term
over which the contractual interest rate is fixed, the remaining term
to repayment of the principal and the currency in which payments
are to be made.

No active market: equity instruments

The fair value of investments in equity instruments that do not have

a quoted market price in an active market and derivatives that are
linked to and must be settled by delivery of such an unquoted equity
instrument is reliably measurable if (a) the variability in the range of
reasonable fair value estimates is not significant for that instrument
or (b) the probabilities of the various estimates within the range can
be reasonably assessed and used in estimating fair value.

Source:
1. International Financial Reporting Standards 2006, issued by International Accounting Standard Board
2. www.iasplus.com

December 2007 CB RICHARD ELLIS 11

 Valuation in IFRS/ IAS

ACCOUNTING IN
INVESTMENT PROPERTY
– IAS 40: Investment Property

Objective The objective of IAS 40 is to prescribe the accounting treatment for

investment property and related disclosure requirements.

Definition of Investment property is a property (land or a building or part of a

Investment building or both) held (by the owner or by the lessee under a finance
Property lease) to earn rentals or for capital appreciation or both except:

• the property is used in the production or supply of goods or services

or for administrative purposes;

• the property is for sale in the ordinary course of business or in the

process of construction of development for such sale;

• the property is being constructed or developed on behalf of third

parties;

• the property is an owner-occupied property including property held

for future use as owner-occupied property, property held for future
development and subsequent use as owner-occupied property,
property occupied by employees and owner-occupied property
awaiting disposal; and

• the property is being constructed or developed for use as an

investment property;

A property interest that is held by a lessee under an operating lease

may be classified and accounted for as investment property if:

• the rest of the definition of investment property is met;

• the operating lease is accounted for as if it were a finance lease in

accordance with IAS 17 Leases; and

• the lessee uses the fair value model set out in this Standard for the
asset recognised.

Recognition Investment property shall be recongised as an asset when, and only

when:

• it is probable that the future economic benefits that are associated

with the investment property will flow to the entity; and

• the cost of the investment can be measured reliably.

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12 VALUATION & ADVISORY SERVICES

 Fair Value Under which an investment property is measured, after initial
Model and measurement, at fair value with changes in fair value recognised in
disclosure profit or loss;
requirement
Fair value should reflect the actual market state and circumstances
as of the balance sheet date. The entity may refer to the current
prices on an active market for similar property in the same location
and condition and subject to similar lease and other contracts. If the
entity is not able to obtain such information, the current prices for
properties of a different nature or subject to different conditions or
the recent prices on less active markets with adjustments to reflect
changes in economic conditions or discounted cash flow projections
based on reliable estimates of future cash flows may be considered.

The enterprise has to determine the fair value of an investment

property reliably on a continuing basis. If a property has previously
been measured at fair value, it should continue to be measured at fair
value until disposal, even if comparable market transactions become
less frequent or market prices become less readily available.

For investment properties stated at fair value, the following should

be disclosed:

(a) the methods and significant assumptions applied in determining

the fair value of investment property, including a statement
whether the determination of fair value was supported by market
evidence or was more heavily based on other factors (which the
entity shall disclose) because of the nature of the property and
lack of comparable market data;

(b) the extent to which the fair value of investment property (as
measured or disclosed in the financial statements) is based on
a valuation by an independent valuer who holds a recognised
and relevant professional qualification and has recent experience
in the location and category of the investment property being
valued. If there has been no such valuation, that fact should be
disclosed;

(c) a reconciliation between the carrying amounts of investment

property at the beginning and end of the period, showing the
following:

(i) additions, disclosing separately those additions resulting from

acquisitions and those resulting from subsequent expenditure
recognised in the carrying amount of an asset;

(ii) additions resulting from acquisitions through business

combinations;

(iii) assets classified as held for sale or included in a disposal

group classified as held for sale in accordance with IFRS 5
and other disposals;

(iv) net gains or losses from fair value adjustments;

(v) the net exchange differences arising on the translation of the

financial statements into a different presentation currency, and
on translation of a foreign operation into the presentation
currency of the reporting entity;

(vi) transfers to; and

(vii) other changes.

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December 2007 CB RICHARD ELLIS 13

 Valuation in IFRS/ IAS

Cost Model The cost model is specified in IAS 16 and requires an investment
and disclosure property to be measured after initial measurement at depreciated
requirement cost (less any accumulated impairment losses). An entity that chooses
the cost model discloses the fair value of its investment property.

For investment properties measured using the cost model, the

following information should be disclosed:

(a) the gross carrying amount and the accumulated depreciation

(aggregated with accumulated impairment losses) at the
beginning and end of the period;

(b) a reconciliation of the carrying amount of investment property at

the beginning and end of the period, showing the following:

(i) additions, disclosing separately those additions resulting

from acquisitions and those resulting from subsequent
expenditure recognised as an asset;

(ii) additions resulting from acquisitions through business

combinations;

(iii) assets classified as held for sale or included in a disposal

group classified as held for sale in accordance with IFRS 5
and other disposals;

(iv) depreciation;

(v) the amount of impairment losses recognised, and the

amount of impairment losses reversed, during the period in
accordance with IAS 36;

(vi) the net exchange differences arising on the translation

of the financial statements into a different presentation
currency, and on translation of a foreign operation into the
presentation currency of the reporting entity;

(vii) transfers to and from inventories and owner-occupied

property; and

(viii) other changes.

(c) the fair value of investment property.

Source:
1. International Financial Reporting Standards 2006, issued by International Accounting Standard Board
2. www.iasplus.com

Other Balance Sheet Assets that may need fair value assessment

Land Licence, Patent and Manufacturing

Know-how Plant and Machinery
Manufacturing
factory and Distribution Network Building Services
ancillary facilities Plant & Machinery
Client base
Management Office Furniture & Office
Equipment
Trademark and
Warehouse Service Mark
Tools, Jigs Moulds
and Fixture
Sales Offices Goodwill
88

88

Staff Retails
quarters shop
8

Balance Sheet Assets

14 VALUATION & ADVISORY SERVICES

Convergence of
Local Accounting Standards
in Asia to IAS
THE NEED OF CONVERGENCE

Long gone are the days when local accounting standards primarily served the needs of
domestic companies and investors, based on local regulations and unique practices in
each country. Nowadays, the reality could not be more different. While globalisation
is increasing the competition among countries, it is also providing a coherent strategic
rationale for the formation of alliances and other cooperative arrangements across
borders. Such alliances and cooperation offer the prospect of convergence of local
accounting standards to international accounting standards, which enables the
development of international consensus.

THE NEW EU REQUIREMENT

Beginning in 2007, European Union (EU) requires corporations based outside EU, and
having their stocks listed on European exchanges to use “either the IFRS or another set of
standards deemed equivalent” in their financial statements related to ongoing disclosure
or new listings of their securities in the EU market.

GROWING RECOGNITION OF IAS

In view of the growing recognition and use of IAS, the local accounting profession has
pulled together to develop one set of global accounting standards and enhance the
accessibility of local financial statements to international investors. To gain widespread
international recognition, some active local accounting standards board in Asia has strike
to provide a clear, coherent and comprehensive set of accounting standards to model
their own financial reporting requirements based on IAS. We have summarized the local
accounting standard in some major cities in Asia for their roadmap to converge towards
IAS as shown in the next page.

December 2007 CB RICHARD ELLIS 15

 Convergence of Local Accounting Standards in Asia to IAS

Location Accounting Standard Local Accounting Standards Overview

China Accounting Standards ASBE is set by the China Accounting Standards Committee (CASC) under the Ministry of
for Business Enterprises Finance (MOF). The aim of the CASC is to provide advices and recommendations on setting
(ASBE) and improving Chinese accounting standards and has been dedicated to provide support on
the development of Chinese accounting standards since its establishment in October 1998.
It has organized a number of national and international seminars on accounting standards
and actively participated in the convergence of accounting standards internationally and
worked closely with the international accounting profession.

Hong Kong Hong Kong Financial HKICPA was incorporated by the Professional Accountants Ordinances (Chapter 50 of the
Reporting Standards Laws of Hong Kong) on January 1, 1973 and it is the only statutory licensing body of
(HKFRSs) and Hong Kong accountants in Hong Kong responsible for regulation of the accountancy profession.
Accounting Standard
The HKFRS set out recognition, measurement, presentation and disclosure requirements
(HKAS)
dealing with transactions and events that are important in general purpose financial
statements. HKFRS are based on The Framework for the Preparation and Presentation of
Financial Statements, which addresses the concepts underlying the information presented in
general purpose financial statements.

India Statement of Accounting Accounting standards in India are formulated by the Accounting Standards Board (ACB) of
Standards ICAI. In formulating the standards, ASB will give due consideration to IAS issued by IASC
and try to integrate them to the extent possible, in the light of the conditions and practices
prevailing in India.

Indonesia Indonesian generally The IAI established in Jakarta on December 23, 1957, is the only accountancy body
accepted accounting recognized by the Government in the Republic of Indonesia. The mission of IAI is to provide a
principles (PSAK, vehicle for continually enhancing the competence, integrity and commitment of its members,
Pemyataan Standar in developing the knowledge and practices of business finance, attestation services, non-
Akuntansi Keuangan) attestation services and accountancy, in such a way that would contribute significantly to the
society. DSAK is continuing its policy of harmonising PSAK with IAS.

Japan Generally Accepted Financial reporting regulations and requirements in Japan are derived from the Triangular
Accounting Principles in System:
Japan (Japan GAAP) l The Securities Exchange Law (whose objective is to protect investors) requires the use of
“business accounting standards that are recognized to be generally fair and appropriate”
(Japan GAAP) as the basis for disclosure of securities reports, etc.

The Commercial Code (whose objective is to adjust interest among creditors and shareholders)
l

stipulates that “fair accounting practices should be taken into consideration” in the preparation
of accounting records. In reality, records are prepared in accordance with the Japan GAAP.

Under the Corporate Income Tax Law (whose objectives are fair taxation and tax revenue
l

collection), taxable income is computed, based on the financial statements prepared in

accordance with the Japan GAAP and finalized pursuant to the Commercial Code.

South Korea Korean equivalents of Korea Accounting Standards Board (KASB) was created as of September 1, 1999, after the
International Financial financial crisis in 1997 and it operates under a new Korea Accounting Institute, created
Reporting Standards as of July 1, 1999. KASB’s goal is to improve Korean accounting standards to a level
(K-IFRSs) consistent with international best practices. Since its establishment, the KASB has adopted a
policy of harmonizing Korean Accounting Standards (KAS) with IAS.

Source: www.iasplus.com

16 VALUATION & ADVISORY SERVICES

Status of convergence towards IFRS/ IAS Regulatory Bodies

The ASBEs cover nearly all the topics under the current IFRs and will become mandatory for listed Chinese Ministry of Finance
enterprises from January1, 2007. Other Chinese enterprises are also encouraged to apply the ASBEs. These of the PRC (MOF)
standards are substantially in line with IFRSs, except for certain modifications which reflect China’s unique
circumstances and environment.

It is the mission for the HKICPA to serve the accountancy profession and the public through an efficient and Hong Kong Institute
transparent system of self-regulation and effective professional development in line with the development of of Certified Public
Hong Kong as a world city. Accountants (HKICPA)

HKFRSs were fully converged with IFRSs with effect from January 1, 2005. In converging with IFRSs, Hong
Kong stands with other key capital markets such as Europe.

The Council of ICAI has announced a plan to converge Indian Accounting Standards with IFRSs. However, the ICAI Institute of Chartered
noted that it may make modifications to IFRSs to reflect “the Indian conditions”. The new standards will be effective Accountants of India
for accounting periods beginning on or after April 1, 2011. They would be required for all listed companies as (ICAI)
well as banks, insurance companies, and large-sized entities. Government approval of the plan is required.

PSAK comprises 57 standards (PSAKs), 7 interpretations (ISAKs), and 2 technical bulletins. 28 of the PSAKs Indonesian Accounting
were developed by reference to IASs and IFRSs, though in most cases older versions (often pre-1994). 20 Standards Board
were developed by reference to US GAAP pronouncements (generally older versions). And the remainders (abbreviated DSAK
are locally developed. in Indonesian) of
Indonesian Institute of
Accountants (IAI)

A convergence project was announced in 2005 by the IASB and the Accounting Standards Board of Japan Japanese Institute
(ASBJ) which aims to reduce differences between IFRSs and Japanese accounting standards. As part of the of Certified Public
agreement the two boards will seek to eliminate by 2008 major differences between Japanese GAAP and Accountants (JICPA)
IFRSs (as defined by the July 2005 CESR Assessment of Equivalence), with the remaining differences being
removed on or before June 30, 2011. Although the target date of 2011 does not apply to any major new
IFRSs now being developed that will become effective after 2011, both boards will work closely to ensure the
acceptance of the international approach in Japan when new standards become effective.

The Korean Roadmap towards IFRSs: Korea Accounting

Standards Board (KASB)
• Listed companies. Listed companies (excluding financial institutions) will be required to prepare their
annual financial statements under K-IFRSs beginning in 2011 and will be permitted to do so from 2009.
Before adopting K-IFRSs, listed companies will continue to use current Korean Accounting Standards.

• Unlisted companies. Unlisted companies will be allowed to use ‘simplified accounting procedures’ that
KASB will adopt by 2011 but may elect to issue K-IFRS financial statements. Until KASB’s simplified standards
are in place, unlisted companies will continue to use their current Korean Accounting Standards.

December 2007 CB RICHARD ELLIS 17

 Convergence of Local Accounting Standards in Asia to IAS

Location Accounting Standard Local Accounting Standards Overview

Philippines Philippine Accounting All public companies and all companies with more than 20 shareholders must follow
Standards (PAS)/ the rules of the Philippine Securities and Exchange Commission (SEC). The Accounting
Philippine Financial Standards Council (ASC) of the Philippines Institute of Certified Public Accountants (PICPA)
Reporting Standards issues accounting standards. ASC standards are recognised by the SEC and Central Bank
(PFRS) of Philippines. After approval by the Board of Accountancy and the Professional Regulation
Commission (government bodies), ASC standards become mandatory. ASC’s policy is
to review and adopt both existing and new IASC Standards as Philippine standards such
that “compliance with Philippine GAAP would mean automatic compliance with IASC
standards”.

Singapore Singapore Generally In 2002, the Singapore government created Corporate Disclosure and Governance (CCDG)
Accepted Accounting to replace the Institute of Certified Public Accountants of Singapore as the accounting
Standards/ Singapore standard setter for all companies incorporated in Singapore and CCDG issues accounting
Financial Reporting standards and interpretations that are almost identical to the current set of IFRS.
Standards
(Singapore FRS)

Taiwan Republic of China (ROC) The Securities and Exchange Commission of the Taiwan Ministry of Finance sets the financial
GAAP/ Statements of reporting requirements for public companies. The Ministry of Economic Affairs issues
Financial Accounting accounting regulations for both public and nonpublic companies. ARDF was established
Standards (SFAS) in 1984 and publishes SFAS that are recognised by the Ministry of Finance. ARDF also
publishes interpretive guidance in the form of Supplementary Explanation Statements.

Thailand Thai Accounting Accounting Standards in Thailand are issued by Federation of Accounting Professions (FAP)
Standards (TAS) which was established in 2004. Prior to the establishment of the FAP, accounting standards
were issued by Institute of Certified Accountants and Auditors of Thailand (ICAAT).
Currently, there are a total of 57 accounting standards. Of those issued, 31 standards are currently
effective, four standards are not yet required by Thai law, and 22 standards have been superseded.
In addition, there are nine accounting standards interpretations, four of which are required by law.
Under the Accountancy Act B.E. 2543, Thai Accounting Standards (TAS) must be approved
by the Ministry of Commerce in Thailand and placed into law before companies are required
to adopt such standards.

Vietnam Vietnamese Accounting All domestic companies, listed and unlisted, are required to use VAS, which have been developed
Standards (VAS) by the Ministry of Finance. Generally, the VASs were based on IASs that were issued in 2003,
though some modifications were made to reflect local accounting regulations and environment.
Neither the IASB’s amendments to IASs nor new IFRSs have been adopted. The Ministry of
Finance has temporarily suspended the development of Vietnamese Accounting Standards
(VAS) due to resource constraints. The Ministry of Finance is considering whether to grant rights
to the Vietnam Association of Certified Public Accountants (VACPA) to formulate and update
Vietnamese Accounting Standards. If this is formalised under the law, VACPA would then serve as
the accounting standard setting body in Vietnam, rather than the MOF.
Source: www.iasplus.com
18 VALUATION & ADVISORY SERVICES
Status of convergence towards IFRS/ IAS Regulatory Bodies

The Philippines has adopted all IFRSs for 2005 without modification. These Philippine equivalents to IFRSs Philippine Financial
apply to all entities with public accountability. That includes: Reporting Standards
• entities whose securities are listed in a public market or are in process of listing; Council (FRSC) /
• all financial institutions including banks, insurance companies, security brokers, pension funds, mutual Philippine Institute
funds, and investment banking entities; of Certified Public
• public utilities; and Accountants (PICPA)
• other economically significant entities, defined as total assets in 2004 of at least 250 million pesos (US$5
million) or liabilities of at least 150 million pesos (US$3 million).
Non-publicly accountable entities (NPAEs, sometimes called SMEs) have been given a two-year deferral (2005
to 2007) from the transition to IFRS equivalents. Instead, they are permitted to use Philippines accounting
standards that were in effect in 2004.

CCDG has issued a set of accounting standards and interpretations that are almost identical to the current set of IFRS Corporate Disclosure
though some differences between Singapore Financial Reporting Standards and IFRSs remain, including the following: and Governance
• Singapore FRS 16 Property, Plant and Equipment, one-off revaluations of such assets that took place between (CCDG)
1984 and 1996 are permitted without requiring ongoing use of the revaluation model.
• Singapore FRS 17 removes the words in paragraph 14 and 15 of IAS 17, which indicates that land normally has
an indefinite economic life and, if title is not expected to pass to the lessee by the end of the lease term, the lessee
does not receive substantially all of the risks and rewards incident to ownership.
• Singapore FRS 25 Accounting for Investments is retained until FRS 40 is effective.
• There is no equivalent to IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions.
IAS 30 will be superseded when IFRS 7 Financial Instruments: Disclosures is effective.
• Some differences exist in the requirements to present consolidated financial statements and in accounting for
associates and joint ventures as compared to IASs 27, 28 and 31.
• Singapore FRS 39 has different transitional provisions as the standard was not previously required to be adopted.
• Differences in effective dates.
• The following have not yet been adopted:
– IFRIC 2 Member’s Shares in cooperative Entities and Similar Instruments.
– IFRIC 9 Reassessment of Embedded Derivatives

There is currently no comprehensive roadmap for the convergence of SFAS towards IFRS. Accounting Research
and Development
Foundation (ARDF)

A panel was established in Thailand in August 2006 to study and express opinions on International Financial Federation of
Reporting Standards and International Standards on Auditing. The panel comprises regulators, representatives Accounting Professions
of the accounting and auditing profession, and academics. Yet, there is currently no comprehensive plan for (FAP)
the convergence of FAP towards IFRS.

Vietnam has begun to adopt a body of VAS, that are based on, though not identical to the related IAS since Vietnam Association
2003. of Certified Public
Accountants (VACPA)/
Ministry of Finance

December 2007 CB RICHARD ELLIS 19

 Valuation in IFRS/ IAS

Looking Forward
The growing recognition of IAS leads to the growing importance of fair value assessment,
which is regarded as a more transparent way of measurement, as compared with historical
cost based measurements, especially for liquid trading instruments. With adequate
disclosures, Fair Value Accounting provides a reliable financial statement which reflects
the economic substance of transactions and represents faithfully the financial position,
financial performance and cash flows of the entity. And it is common for the accounting
professions to work closely with valuers, who provide fair value assessments on a wide
range of assets as required in the accounting standard and perform scenario analysis if
necessary to assess potential impact on the valuation.

The convergence of local accounting standards in Asia to IAS is a good first step towards
developing enhanced guidance for Fair Value Accounting, which keeps moving forward,
in the direction of making fair value estimates more reliable, verifiable and auditable.
While the variety and complexity of financial instruments is increasing, the need for
independent verification of fair value estimates is expected to trend up.

20 VALUATION & ADVISORY SERVICES

Asia Contacts
Head of Business & Intangible Assets Senior Managing Director VAS Asia
Trackie Lam Kam-hung Yu

T: (852) 2820 2827 T: (852) 2820 2832

M: (852) 9453 8873 (HK) F: (852) 2877 2439
(86) 131 8913 9909 (PRC) E: kamhung.yu@cbre.com.hk
F: (852) 2877 2439
E: trackie.lam@cbre.com.hk

Senior Analyst Senior Analyst

Business & Intangible Assets Business & Intangible Assets
Kevin Lai Stella Law

T: (852) 2820 2994 T: (852) 2820 8187

M: (852) 9680 9672 M: (852) 9725 0242
F: (852) 2877 2439 F: (852) 2877 2439
E: kevin.lai@cbre.com.hk E: stella.law@cbre.com.hk

Head of Plant & Machinery India

Mario Maninggo Rami Kaushal

T: (852) 2820 2911 T: (91) 11 2373 6859-62

F: (852) 2877 2439 F: (91) 11 2331 7670
E: mario.maninggo@cbre.com.hk E: rami.kaushal@cbre.com

Indonesia Japan
Rengganis Kartomo Yumiko Kikuchi

T: (62) 21 523 7132 T: (81) 3 5470 8585

F: (62) 21 523 7133 F: (81) 3 5470 8580
E: rengganis@hbn-group.com E: yumiko.kikuchi@cbre.co.jp

Philippines Singapore
Raffy Cenzon Li Hiaw Ho

T: (632) 752 2580 T: (65) 6326 1208

F: (632) 752 2571 F: (65) 6536 0451
E: rafael.cenzon@cbre.com.ph E: hiawho.li@cbre.com.sg

South Korea Thailand

Alex Chan Annop Sangprasit

T: (822) 2170 5864 T: (66) 2 654 1111

F: (822) 2170 5899 F: (66) 2 685 3303
E: alex.chan@cbrekorea.com E: annop.sangprasit@cbre.co.th

Vietnam
Jeremy King

T: (848) 824 6125

F: (848) 823 8418
E: jeremy.king@cbre.com

December 2007 CB RICHARD ELLIS 21


New Delhi
Mumbai
Bangalore
Asia Office Locations
Hong Kong
34/F Central Plaza
18 Harbour Road, Wanchai
Hong Kong
Telephone: (852) 2820 2800
Facsimile: (852) 2810 0830
Suite 2109-12, 21/F
Sun Life Tower, The Gateway
15 Canton Road, Tsimshatsui
Kowloon, Hong Kong
Telephone: (852) 2820 8100
Facsimile: (852) 2521 9517
Beijing
People’s Republic of China
Suite 1203-1205, 12/F, Tower A
Beijing Fortune Plaza
7 Dong San Huan Middle Road
Chaoyang District
Beijing 100020
People’s Republic of China
Telephone: (86) 10 5820 9288
Facsimile: (86) 10 5820 9088/9188
Shanghai
People’s Republic of China
Suite 3201, 3203-3206
32/F, K. Wah Center
1010 Huai Hai Middle Road
Shanghai 200031
People’s Republic of China
Telephone: (86) 21 2401 1200
Facsimile: (86) 21 5403 7519
Suite 1004, 10/F, Azia Center
1233 Lu Jia Zui Ring Road
Shanghai 200120
People’s Republic of China
Telephone: (86) 21 2401 1200
Facsimile: (86) 21 5047 1171
Guangzhou
People’s Republic of China
Suite 1401-1402, Guangzhou
International Electronics Tower
403 Huan Shi East Road
Guangzhou 510095
People’s Republic of China
Telephone: (86) 20 2883 9200
Facsimile: (86) 20 2883 9248
Shenzhen
People’s Republic of China
Suite 2404-05
Excellence Times Square Building
Yi Tian Road, Futian District
Shenzhen 518048
People’s Republic of China
Telephone: (86) 755 3395 3700
Facsimile: (86) 755 2399 5370
Hangzhou
People’s Republic of China
Suite 1201, 12/F, North Tower
Anno Domini Plaza, 8 Qiu Shi Road
Hangzhou 310013
People’s Republic of China
Telephone: (86) 571 2880 6818
Facsimile: (86) 571 2880 8018
Chengdu
Hanoi
Pune Hyderabad
Bangkok
Chennai
Samui
Phuket
Jakarta
Chengdu
People’s Republic of China
Suite 704A-706, Office Tower at
Shangri-La Centre Chengdu, Block B
9 Bin Jiang East Road
Chengdu 610021
People’s Republic of China
Telephone: (86) 28 8447 0022
Facsimile: (86) 28 8447 3311
Tianjin
People’s Republic of China
Suite 903, Tower A, The Exchange
189 Nan Jing Road
Heping District
Tianjin 300051
People’s Republic of China
Telephone: (86) 22 8319 2178
Facsimile: (86) 22 8319 2180
Dalian
People’s Republic of China
Suite 2104, 21/F
Tian An International Tower
88 Zhong Shan Road
Zhongshan District
Dalian 116001
People’s Republic of China
Telephone: (86) 411 3980 5855
Facsimile: (86) 411 3980 5866
Qingdao
People’s Republic of China
Units 401-404, Crowne Plaza
76 Hong Kong Middle Road
Shinan District
Qingdao 266071
People’s Republic of China
Telephone: (86) 532 8077 7286
Facsimile: (86) 532 8077 7267
Taipei
13F/A, Hung Tai Center
170 Tun Hua North Road
Taipei 105, Taiwan
Telephone: (886) 2 2713 2266
Facsimile: (886) 2 2712 3065
Singapore
6 Battery Road #32-01
Singapore 049909
Telephone: (65) 6224 8181
Facsimile: (65) 6225 1987
Tokyo, Japan
5/F Shuwa Daiichi
Hamamatsucho Building
2-2-12 Hamamatsucho, Minato-ku
Tokyo 105-0013, Japan
Telephone: (81) 3 5470 8711
Facsimile: (81) 3 5470 8715
1/F Shuwa Daiichi
Hamamatsucho Building
2-2-12 Hamamatsucho, Minato-ku
Tokyo 105-0013, Japan
Telephone: (81) 3 5470 8800
Facsimile: (81) 3 5470 8801
*20 offices throughout Japan
Dalian
Beijing
Tianjin Seoul
Qingdao
Shanghai
Hangzhou
Guangzhou Taipei
Shenzhen
Hong Kong
Manila
Pattaya
Ho Chi Minh City Cebu
Singapore
Seoul, Korea
12/F, SC First Bank Building
100 Gongpyeong-dong, Jongno-gu
Seoul, Korea 110-702
Telephone: (822) 2170 5800
Facsimile: (822) 2170 5899
New Delhi, India
G/F P.T.I Building
4 Parliament Street
New Delhi 110 001, India
Telephone: (91) 11 4239 0200
Facsimile: (91) 11 2331 7670
Mumbai, India
#5, 3/F Tower C, Laxmi Towers
G-block, Bandra Kurla Complex
Bandra (E), Mumbai 400 051, India
Telephone: (91) 22 4069 0100
Facsimile: (91) 22 2652 7655
Bangalore, India
3/F The Hulkul
81/37, Lavelle Road
Bangalore 560 001, India
Telephone: (91) 80 4112 1240-49
Facsimile: (91) 80 4112 1239
Chennai (Madras), India
2H, 2/F Gee Gee Emerald 2C & 2D
151 Village Road, Nungambakkam
Chennai 600 034, India
Telephone: (91) 44 2821 4599/4571
Facsimile: (91) 44 2821 4607
Hyderabad, India
Eden Garden 8-2-595/3/5
Road No.10, Banjara Hills
Hyderabad 500 034, India
Telephone: (91) 40 2335 8887/6683 4446
Facsimile: (91) 40 2335 8886
Pune, India
705-706, 7/F Nucleus
Church Road
Pune 411 001, India
Telephone: (91) 20 2605 5437/5367
Facsimile: (91) 20 2605 5405
Jakarta, Indonesia
7/F Permata Bank Tower I
Jalan Jenderal Sudirman Kav. 27
Jakarta 12920, Indonesia
Telephone: (62) 21 523 7337
Facsimile: (62) 21 523 7227
We obtained the information above from sources we believe to be reliable. However, we have not
verified its accuracy and make no guarantee, warranty or representation about it. It is submitted
subject to the possibility of errors and omissions. You and your tax, accounting and legal advisors
should conduct your own investigation of the property and transaction. CB Richard Ellis cannot be
held responsible for any inaccuracles.
Tokyo
Manila, Philippines
Suite 1002-1005,
10/F Ayala Tower One &
Exchange Plaza
Ayala Avenue, Makati City
Metro Manila 1226, Philippines
Telephone: (632) 752 2580
Facsimile: (632) 752 2571
Cebu, Philippines
3/F, i2 Building
Asiatown I.T. Park, Lahug
Cebu City, Philippines 6000
Telephone: (632) 238 4211
Bangkok, Thailand
46/F, CRC Tower
All Seasons Place
87/2 Wireless Road
Lumpini, Pathumwan
Bangkok 10330, Thailand
Telephone: (66) 2 654 1111
Facsimile: (66) 2 685 3300-1
Phuket, Thailand
12/9 Moo 4, Thepkrasattri Road
Kohkaew, Muang
Phuket 83000, Thailand
Telephone: (66) 76 239 967
Facsimile: (66) 76 239 970
Samui, Thailand
3/6 Moo 1, Baan Bophut - Plailaem Road
Bophut, Koh Samui
Surat Thani 84320, Thailand
Telephone: (66) 77 430 737
Facsimile: (66) 77 430 740
Pattaya, Thailand
306/96-97 Moo12
Thappraya Road
Nongprue, Banglamung,
Chonburi 20150, Thailand
Telephone: (66) 38 364 969
Facsimile: (66) 38 364 963
Ho Chi Minh City, Vietnam
Suite 1301, Me Linh Point Tower
2 Ngo Duc Ke Street, District 1
Ho Chi Minh City, Vietnam
Telephone: (848) 824 6125
Facsimile: (848) 823 8418
Hanoi, Vietnam
Floor 12A, Vincom City Tower B
191 Ba Trieu Street
Hanoi, Vietnam
Telephone: (844) 220 0220
Facsimile: (844) 220 0210