ACCT001 ACCOUNTING STUDY MISSION TO THAILAND Course Outline 2015/2016 Term 1

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ACCT001 ACCOUNTING STUDY MISSION TO THAILAND Course Outline 2015/2016 Term 1 FACILITATOR: A/Prof Low Aik Meng Email: amlow@smu.edu.

1 ACCT001 ACCOUNTING STUDY MISSION TO THAILAND Course Outline 2015/2016 Term 1 FACILITATOR: A/Prof Low Aik Meng amlow@smu.edu.sg Office: School of Accountancy Building INTRODUCTION Thailand is a newly industrialized economy. In 2011, the World Bank upgraded Thailand from a lowermiddle to an upper-middle income economy. The upgrade was in recognition of Thailand's economic achievements in which its Gross National Income per capita almost doubled in one generation, and poverty significantly reduced. Thailand has a friendly business environment and, until recently, has been successful in attracting foreign direct investments, diversifying into higher value-added manufacturing production, and expanding into new emerging export markets. The IMF ranks it as the world s 22 th largest economy with GDP at US$380.5 billion as at It is also the second largest economy in Southeast Asia after Indonesia. On a GDP per capita basis, it ranks 4 th behind Singapore, Brunei and Malaysia. Thailand was the first country to be hit by the 1997/98 Asian financial crisis, when massive nonperforming loans at Thai banks triggered an attack on the Thai baht by currency speculators. Since then the government has taken measures to strengthen the financial sector by consolidating commercial, state-owned, and foreign-owned banks. The reform programme has been perceived to be successful. Until 2011, when flood devastation caused widespread damages to industries and infrastructure, and the subsequent political uncertainties, it was one of the fastest growing economies in Asia, with a GDP growth of 7.8% in Looking ahead, analysts expect the economy to rebound in 2015, on the back of planned infrastructural investments by the Thai government. Thailand s economy is heavily reliant on exports which account for more than two-thirds of its gross domestic product (GDP). Its main exports are computer & accessories, auto part & accessories, gems & jewelry, rubber, plastic, chemical, electronic circuit, rubber products, and refined fuel. Its huge automobile industry is a vital sector producing some 1.88 million cars in 2014 and is currently ranked 9th globally. The service industries, tourism and banking, are also major contributors to the Thai economy. The former contributes about 9% to GDP, and rises to about 20% if one includes the indirect effects of tourism Despite the 2003 tsunami and devastating floods in 2011, and external shocks such as the Europe crisis, tourism continues to be a major revenue generator for the economy. The banking sector recorded very strong loan growth and net earnings during the last few years since the financial crisis. Moody s says the banking system remains stable, as it has been since 2010, reflecting stable liquidity and funding conditions and the banks' ability to withstand the expected moderate increase in nonperforming loans over the next months. The economic recovery that started in 2014 is expected to gather momentum slowly, nudged forward by higher government expenditure and supported by a calmer political environment, better prospects for some exports markets such as the US, and lower fuel costs. In particular, infrastructural investments on railways, roads, ports, airports, and special economic zones are expected to rise in 2015 and Page 1

2 There are plans to invest in more mass rapid transit rail lines in Bangkok and on rail lines across the country. These factors are forecast to lift GDP growth to 3.6% in 2015 and 4.1% next year. According to statistics from the Thailand Board of Investment (BOI), Singapore has consistently been ranked as one of the top investors in Thailand. It is important, therefore, to understand Thailand in greater depth its economy, the investment climate, the regulatory and tax regime, its culture and people, the political risks, etc. The purpose of this course is to provide participants with an appreciation of investment and career opportunities in Thailand, and an understanding of its social, cultural, economic, and political settings. It is envisaged that participants will: Develop a better understanding of the Thai economy, its key industries, the financial and banking sectors, the capital market, as well as the economic policies and regulatory and tax regime Understand how culture impacts the way businesses operate Learn case-writing skills Develop networking, communication, and other life skills by interacting with business leaders. Gain an insight into internship, career, and business opportunities in Thailand Be infected with the entrepreneurial spirit The course qualifies for one credit unit and encompasses seminars in Singapore, culminating in a study trip at end of semester. Grading is on a Pass/Fail basis. Participants will work in teams of 3 to 4, on research projects or write cases on companies. Country experts will also be invited to speak at seminars prior to and during the study trip. Date Time Topic 12noon to Introduction: Objectives of the Study Trip 24 August pm Course Outline Case/Project Assignments & Report Preparation Course Assessment Note: project groups are required to submit their case outline and 10 questions relating to the company during the trip, prior to their group presentation 12noon to 2 Project Group Presentations 12 October pm Individual Presentations Invited Speaker 12noon to 2 Project Group Presentations 19 October pm Individual Presentations Invited Speaker 12noon to 2 Project Group Presentations 26 October pm Individual Presentations Invited Speaker 12noon to 2 Project Group Presentations 2 November pm Individual Presentations Invited Speaker Pre-trip Briefing 6 to 15 December 2015 Study Mission to Thailand Page 2

3 The Study Trip, from 6 to 15 December 2015, will take delegates on visits to companies where they will have the opportunity to meet corporate leaders and entrepreneurs. Company executives will share their knowledge on business strategies, financial and accounting policies and practices, and how economic, social and political issues impact businesses. Participants will be exposed to different types of industries, learn management strategies and how businesses operates. They will have the opportunity to gather information for their projects, source for internships and careers, and network. STRUCTURE OF THE COURSE The course comprises 2 components: 1. Seminar sessions in Singapore for preparatory research 2. Study Mission to Bangkok and Chiangmai Note: All seminar sessions and the Study Mission are compulsory. Failure to undertake the trip will result in a failed grade. The preparatory seminars in Singapore will be devoted to research and discussions on accounting, financial, legal, tax, fiscal policy, and other business issues. Industry and government experts with knowledge on issues relating to Thailand may be invited to share their experiences. The aim is to provide participants with a better understanding of the country and its way of doing business before the trip. CASE-WRITING & PROJECT RESEARCH There will be 2 research projects and 6 case-writing projects. The research projects are aimed at providing the class with background information about the Thai economy, its financial, accounting and regulatory systems and policies, as well as business and investment opportunities in Thailand. To ensure that participants benefit optimally from company visits, case-writing will be assigned to some groups, who will conduct preliminary research for presentation to the class. The following are the two project topics: Accounting Standards and Practices, and Corporate Governance in Thailand: A Comparison with Singapore Foreign Direct Investment in Thailand o Entry Mode choices o Investment Policies & Incentives o Tax Regime o Thailand vis-à-vis other ASEAN countries Of the companies to be visited, 6 will be assigned to project groups for case-writing. The companies will be assigned in the first class. The research on the cases and projects must comprise an in-depth analysis of the issues. Before the trip, project teams will be required to make preliminary presentations of their research. With inputs from the class, the reports should be refined. Project groups should endeavor to complete a substantial part of their research before the trip. During the trip, teams should use the opportunity to gather information to support their theoretical frameworks. (In this regard, each group is requested to formulate a list of up to 10 questions related to their project/company to ask speakers during the trip). Project reports should be submitted within 10 days of return from the trip. Page 3

4 ASSESSMENT There will be no examinations for this course. Assignment of marks will be made on the following basis: Pre-trip Project Presentation (group) 10 marks (submit project outline and a list of 10 questions 1 week before presentation) Cases/Project (group) 35 marks (within 10 days of return from trip) Final Project Presentation (group) 10 marks Individual Presentations 10 marks Participation class & during ASM (individual) 20 marks TEXTS Journalizing Personal Reflections (individual) 15 marks There are no prescribed texts for the course. Participants are advised to read widely such as business and financial websites, periodicals, journals, newspapers and television programmes on developments in Thailand. TENTATIVE PROGRAMME, ASM TO THAILAND, 6 TO 15 DECEMBER 2015 Day Date Time Programme 1 6 December Leave for Bangkok Sunday Arrive at Suvarnabhumi Airport 3 7 December Monday 4 8 December Tuesday 5 9 December Wednesday 6 10 December Thursday 7 11 December Friday 8 12 December Saturday 9 13 December Sunday December Monday December Tuesday / Orientation/Dinner Networking Dinner Networking Dinner Dinner Company Vist River Cruise/dinner Flight to Chiangmai Cultural Visits Thai Cultural Show Cultural Visits Free & Easy Final Project Presentation/Dinner Return Trip to Spore Page 4

5 COST OF STUDY TRIP PAYABLE Each student will be charged $1,600 The following will be included in the package: o Return economy airfare - Singapore-Bangkok o Return economy airfare - Bangkok-Chiangmai o Hotel accommodation on twin-sharing basis o Airport transfers in Thailand o All meals (unless indicated otherwise) o Rental of seminar and function rooms o Transport & logistical arrangements for company visits, networking sessions, seminars, and other organized activities. o Entry to cultural/historical sties o Trip Brochure o Name cards o Travel Insurance The trip will cover the two biggest and most economically vibrant cities in Thailand - Bangkok and Chiangmai. Page 5

Bogota, Columbia and Panama City, Panama, May 13-16, AGENCY: International Trade Administration, Department of Commerce

Bogota, Columbia and Panama City, Panama, May 13-16, AGENCY: International Trade Administration, Department of Commerce This document is scheduled to be published in the Federal Register on 12/04/2012 and available online at http://federalregister.gov/a/2012-29306, and on FDsys.gov BILLING CODE 3510-FP DEPARTMENT OF COMMERCE