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.
Delay in effective date of TFRS 9, ‘Financial Instruments’
On 17 July 2018, the Federation of Accounting Professions (“FAP”) announced that the effective date for applying the new financial instruments standard, TFRS 9, has been postponed from 1 January 2018 to 1 January 2020.
Capitalising Borrowing Costs
What is the accounting treatment when an entity incurs further costs on existing fixed assets? When should it be expensed and when can it be capitalized?
Capitalising Further Expenditure
What is the accounting treatment when an entity incurs further costs on existing fixed assets? When should it be expensed, and when can it be capitalized?
Recording expenditures for a start-up company
Many investors incur expenditure before the company is incorporated. How to account for such costs frequently raises questions as to the appropriate treatment. We take a closer look.
Using a Functional Currency
In many countries entities are required to present their financial statements in the functional currency. However, entities in Thailand which apply TFRS for NPAEs are required to use Thai Baht. What happens if an entity needs to prepare its financial statements in a currency other than Thai Baht? What are the options and what is the impact for both the financial reporting and tax?