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.
DBD proposes enhanced qualifications for accountants to prevent nominee practices
On 28 April 2025, the Department of Business Development (DBD), under the Ministry of Commerce, announced a draft regulation to revise the qualifications for accountants in Thailand. The draft introduces stricter eligibility conditions aimed at deterring accountants from participating in or facilitating nominee arrangements for foreign businesses—an issue identified as undermining fair competition.
Potential impacts of U.S. trade and tax policy shifts: Accounting considerations for Thai companies
The United States government’s announcements in recent months indicates that key policy changes may be introduced under a renewed economic agenda. These include the potential reintroduction of tariffs, heightened trade restrictions, and corporate tax reforms, which could affect global business operations—including those of Thai companies with exposure to the U.S. market.
Accounting for gold holdings under TFRS: practical guidance
As gold continues to be a popular asset for trading, investing, and preserving wealth, questions often arise regarding its correct accounting treatment under Thai Financial Reporting Standards (TFRS). This article provides a practical guide on how to classify and measure gold holdings in various scenarios.
Recognition of Top-up Tax in the Q1 2025 financial statements
On 10 March 2025, the Thai Federation of Accounting Professions (TFAC) issued a Q&A to clarify the accounting treatment of top-up tax under the Emergency Decree on Top-up Tax, B.E. 2567. The key concern raised by TFAC is the risk of top-up tax being under-recognized in Q1 2025.
To address this, TFAC confirms that entities should begin estimating and recognizing the tax liability in Q1 2025 based on the Emergency Decree, even though secondary legislation has not yet been passed.
To address this, TFAC confirms that entities should begin estimating and recognizing the tax liability in Q1 2025 based on the Emergency Decree, even though secondary legislation has not yet been passed.
Accounting treatment of compensation from insurance for bad debts under TFRS for NPAEs
When a company in Thailand incurs bad debt, but its headquarters (“HQ”) in another country holds an insurance policy that covers such losses, the HQ may claim the insurance and transfer the compensation to the Thai entity. This raises accounting issues under Thai Financial Reporting Standards for Non-Publicly Accountable Entities (“TFRS for NPAEs”).