25

Mar 2014

Category: Bookkeeping
Written by Super User
5101

The minister said of the critic, Pridiyathorn:

"Some economists are not educated about accounting." As an accountant and a graduate in economics, I can state that the difference between a loss-on-account balance and an actual loss is insignificant. If the value of the rice stocks is far higher than the saleable value in the market, then that loss in value has to be accounted for, as it would be if it were actually sold. This is called an accounting estimate, to bring the value of a product closer to the actual market value.

Regarding the question on this issue posed in the editorial, "How much more damage can we afford?" (October 17), my answer is, until the stocks have been sold - and likely with more losses because of the known oversupply of rice stocks in Thailand. The damage can be contained only if the scheme is rescinded and a direct subsidy is given to farmers instead, as suggested by Pridiyathorn.

Songdej Praditsmanont

Bangkok

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