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.
Estimated Decommissioning Costs
Under TFRS for NPAEs paragraph 127, the cost of an item of property, plant and equipment includes an estimated cost of dismantling and removing the asset and restoring the site. Such cost will be recognised as both an asset and liability in the financial statements.
TFRS Exposure Drafts Released
On 27 October 2014, the Federation of Accounting Professions released the first exposure drafts of Thai Financial Reporting Standards (‘TFRS’) for public hearing and comment.
Thailand Financial Reporting Standards Roadmap
The Federation of Accounting Profession (‘FAP’) Committee has considered and approved a roadmap to develop Thai Financial Reporting Standards (‘TFRS’) in line with International Financial Reporting Standards (‘IFRS’).
Write-Down of Inventories to NRV
At the reporting date a Company would like to calculate the net realisable value of its inventory and write down its inventory to the lower of cost and net realisable value in accordance with TFRS for NPAEs.
Accounting for Actuarial Gains and Losses
A company has adopted TFRS for NPAEs and recognises the employee benefits obligation based on calculations performed by a qualified actuary using the projected unit credit method.