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.
Separate Financial Statements: Equity Method
The 2013 May IASB Update has been published with the tentative decision to allow an entity to account for investments in subsidiaries, associates and joint ventures using the equity method in their separate financial statements.
Direction of Thai Financial Reporting Standards
The Federation of Accounting Professions (‘FAP’) is currently revising Thai Financial Reporting Standards, including Thai Accounting Standards (‘TAS’), (together, ‘TFRS’), in accordance with International Financial Standards (‘IFRS’).
Accounting for Leases
The International Accounting Standards Board (responsible for IFRS) and the Financial Accounting Standards Board (responsible for US GAAP) (“the Boards”) are working on a joint project to revise the accounting for operating leases. In their initial exposure draft, the Boards recognised the ‘right-of-use model’.
Employee Benefit Obligation
Is an Entity Required to Provide for an Employee Benefit Obligation? Yes. TFRS for NPAEs requires an entity to recognise its obligation for employee benefits, using the “best estimate method” of calculating the provision required to settle the present obligation as at the end of the reporting period.
FAP to Improve Business System Development
It has been recognised by the Thai Federation of Accounts Professions (‘FAP’), that there is still a shortage of professionals with experience in business system development.