Accounting Section - Doing Business
Explore a series of summaries providing an overview of useful accounting regulations, processes and accounting issues for doing business in Thailand.
Notification on amendments to the Thai Financial Reporting Standards
The Federation of Accounting Professions issued a notification on amendments to the Thai Financial Reporting Standards (“TFRS”), which was published in the Royal Gazette on 22 December 2021.
IAS 19: Employee benefits
In January 2022, the Thai Federation of Accounting Professions’ committee issued its newsletter for 2021. This newsletter included an article on attributing a benefit to periods of employment for a former employee under IAS 19.
Initial measurement of property, plant, and equipment
Paragraphs 126 to 127 of the Thai Financial Reporting Standards for Non-publicly Accountable Entities (“TFRS for NPAEs”) and the Thai accounting manual of the Thailand Federation of Accounting Professions in regard to property, plant, and equipment (“PPE”), state the following:
Initial Application of IFRS 17 and IFRS 9
This exposure draft is a proposed amendment to Appendix C of IFRS 17, which applies to issued insurance and reinsurance contracts, reinsurance contracts held, and investment contracts with a discretionary participation feature issued by an entity that also issues insurance contracts. Contracts may be grouped for accounting purposes.
Accounting for dividends in foreign currency
Normally, dividends are declared and paid in an entity’s functional currency. However, in certain cases, such as when an economy is highly inflationary, or when the functional currency is other than the currency of the economy in which the operation is domiciled, dividends may be declared and paid in a currency other than the functional currency.