Thai Accounting Standards
Thai Accounting Standards and Financial Reporting Standards are announced by Thailand Federation of Accounting Professions (FAP) and correspond with the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS). The ones that are currently effective as of 1 January 2011 are summarized in the below table. Note that non-publicly accountable entities can choose to adopt the Thai Financial Reporting Standard for Non-Publicly Accountable Entities – NPAEs.
A non-publicly accountable entity is an entity that is not one of the following:
(a) Its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets),
(b) An entity that holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses, such as financial institutions, insurance companies, securities brokers/dealers, mutual funds and Agricultural Futures Exchange of Thailand,
(c) Public companies,
(d) Other entities that may be specified in the future.
Some entities may also hold assets in a fiduciary capacity for a broad group of outsiders because they hold and manage financial resources entrusted to them by clients, customers or members not involved in the management of the entity. However, if they do so for reasons incidental to a primary business (as, for example, may be the case for travel or real estate agents, schools, charitable organizations, co-operative enterprises requiring a nominal membership deposit, and sellers that receive payment in advance of delivery of the goods or services such as utility companies), that does not make them publicly accountable.
A subsidiary whose parent uses full TFRSs, or that is part of a consolidated group that uses full TFRSs, is not prohibited from using the Thai Financial Reporting Standard for Non-Publicly Accountable Entities – NPAEs in its own financial statements if that subsidiary by itself does not have public accountability. If its financial statements are described as conforming to the TFRS for NPAEs, it must comply with all of the provisions of this TFRS.
If any non-publicly accountable entities choose not to adopt the Thai Financial Reporting Standard for Non-Publicly Accountable Entities – NPAEs, they have to comply with each and every TAS and TFRS.
|
No. |
Thai Accounting Standards |
| TAS 1 | Presentation of Financial Statements |
| TAS 2 | Inventories |
| TAS 7 | Cash Flow Statements |
| TAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
| TAS 10 | Events after the Balance Sheet Date |
| TAS 11 | Construction Contracts |
| TAS 16 | Property, Plant and Equipment |
| TAS 17 | Leases |
| TAS 18 | Revenue |
| TAS 19 | Employee Benefits |
| TAS 23 | Borrowing Costs |
| TAS 24 | Related Party Disclosures |
| TAS 26 | Accounting and Reporting by Retirement Benefit Plans |
| TAS 27 | Consolidated and Separate Financial Statements |
| TAS 28 | Investments in Associates |
| TAS 29 | Financial Reporting in Hyperinflationary Economics |
| TAS 31 | Interests in Joint Ventures |
| TAS 33 | Earnings Per Share |
| TAS 34 | Interim Financial Reporting |
| TAS 36 | Impairment of Assets |
| TAS 37 | Provisions, Contingent Liabilities and Contingent Assets |
| TAS 38 | Intangible Assets |
| TAS 40 | Investment Property |
|
No. |
Thai Financial Reporting Standards |
| TFRS 2 | Share – Based Payments |
| TFRS 3 | Business Combinations |
| TFRS 5 | Non-current Assets Held for Sale and Discontinued Operations |
| TFRS 6 | Exploration for and Evaluation of Mineral Resources |
| TFRS for NPAEs | Thai Financial Reporting Standard for Non-Publicly Accountable Entities – NPAEs |
|
No. |
Old Thai Accounting Standards whose numbers were changed that are still in use |
| 101 | Doubtful Debts and Bad Debts |
| 103 | Disclosures in the Financial Statements of Bank and Similar Financial Institutions |
| 104 | Accounting for Troubled Debt Restructurings |
| 105 | Accounting for Certain Investments in Debts and Equity Securities |
| 106 | Accounting for Investment Companies |
| 107 | Financial Instruments: Disclosure and Presentation |
The Thai accounting standards that have been approved and will become effective for accounting periods that begin on or after 1 January 2013 are:
TAS 12 Income Taxes
TAS 20 Accounting for Government Grants and Disclosure of Government Assistance
TAS 21 The Effects of Changes in Foreign Exchange Rate
Source: http://www.fap.or.th/st_accounting.php as of 14 January 2012