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.
Thai Financial Reporting Standard for SMEs
As previously reported, the Federation of Accounting Professions (“FAP”) is currently in the process of adopting IFRS for SMEs in full without modification, to be known as the Thai Financial Reporting Standard for SMEs (“TFRS for SMEs”), with an expected effective date of 2017.
Revenue recognition
TAS 18 sets the recognition principles that shall be applied in accounting for revenue.
Accounting policies, estimates and errors
Under TAS 8 and TFRS for NPAEs, changes in accounting consist of:
(a) changes in accounting policies;
(b) changes in accounting estimates; and
(c) corrections of errors made in prior periods.
(a) changes in accounting policies;
(b) changes in accounting estimates; and
(c) corrections of errors made in prior periods.
Accounting under the AEC
The Handbook “Liberalisation of Professional Services through Mutual Recognition in ASEAN: Accountancy Services” provides guidance on the liberalisation of professional services in ASEAN.
Accounting for investments under TFRS for NPAEs
TFRS for NPAEs (Chapter 9 “Investments”) states that there are two types of investments in debt and equity securities.