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.
FASB Published its Strategic Plan
On 9 April 2015, the US accounting standard setter, the FASB, published its Strategic Plan in conjunction with its counterpart the Governmental Accounting Standards Board (GASB) and their oversight body, the Financial Accounting Foundation (FAF), after consultation with their respective stakeholders.
Rebates Related to the Purchase of Inventory
A Company is a distributor of electrical equipment in Thailand. The Company will receive volume rebates from its vendors based upon the total annual purchase volume of electrical equipment.
Accounting for Sale and Leaseback Transactions
A Company (“a Seller”) sells manufacturing machinery with a 5 year remaining economic life to a financial institution (“a buyer”) and the Company simultaneously leases it back from the buyer. The use of the machinery is generally continued by the Company.
Shipping Terms and Revenue Recognition
Many companies will ship goods to customers either in Thailand or overseas using International Commercial Terms (“Incoterms”).
Accounting for Testing Costs
How should a ‘Company’ record testing costs in its financial statements?
A Company is setting up a new manufacturing facility in Thailand. The Company has invested in machines and equipment for the plant is currently in the trial run or testing stage and testing costs are being incurred.
A Company is setting up a new manufacturing facility in Thailand. The Company has invested in machines and equipment for the plant is currently in the trial run or testing stage and testing costs are being incurred.