Business Valuation Services & Audit Support in Thailand

Our professionals perform valuations of public and closely held business entities, intellectual property and other intangible assets, common and preferred stock, partnership interests, debt, options, warrants, and other derivative financial instruments.

Why do you need a business valuation? 

As a business owner in Thailand, you need credible and independent business valuation services to support you in properly understanding:

• How your business is performing relative to its fair market value
• What choices make the most sense for the future viability and operations of the business
• How to extract the most value from your business (e.g., sale to a third-party buyer, assistance seeking outside capital to fuel growth initiatives, transfer to family members, employees, or co-owners, initial public offerings, or mergers)

A valuation audit support in Thailand is also required by regulators, auditors, and counterparties in a range of specific situations, including completing a business combination, testing for goodwill impairment, determining the purchase price allocation in an acquisition, structuring equity compensation, or resolving a shareholder dispute. In each case, the quality and independence of the valuation matters.

Business Valuation Support in Thailand

Thailand's valuation environment has its own characteristics. Local accounting standards, Thai Financial Reporting Standards (TFRS), which are aligned with IFRS, govern how fair value is determined and disclosed in financial statements. The Revenue Department has its own requirements for tax-related valuations. And the market data available for comparable company analysis or discounted cash flow assumptions often requires local calibration to be meaningful.

Our Thailand-based valuation professionals at Forvis Mazars combine technical grounding in international valuation standards with working knowledge of Thai regulatory requirements. We support companies across industries, including manufacturing, real estate, financial services, technology, consumer goods, healthcare, and energy. Our clients range from locally incorporated businesses to regional subsidiaries of multinational groups requiring coordinated valuation support across multiple jurisdictions.

How Forvis Mazars can help

Forvis Mazars Global Business Valuation Advisory Services in Thailand offers a continuum of services designed to support our clients in achieving their business goals and reaching their full potential.

The goal of Forvis Mazars is to help businesses unlock their company's full value in today's marketplace. Our seasoned industry and technical valuation specialists collaborate with our clients on complex business structures and transactions to make sense of and determine value, including purchase price allocation (PPA), tax, and intangible asset valuation, for optimal growth.

We take on a professional, responsive, and resource-driven, and client-centered approach, enabling us to become one of the leading business valuation advisory practices around the globe.

Want to know more about our Validation Audit support in Thailand?

Forvis Mazars offers valuation audit support in Thailand when your auditors require independent specialist support to validate a valuation, whether prepared by management or a third-party advisor. This service is distinct from being the preparer: our role is to review the methodology, test the assumptions, assess the reasonableness of the conclusions, and provide the auditor with the technical basis to form their own view.

Our business valuation audit support services in Thailand cover:

• Review of management-prepared PPA valuations
• Independent provider of goodwill impairment testing
• Review of fair value measurements for financial instruments, derivatives, and complex securities
• Assessment of portfolio valuations for private equity funds
• Support for fresh-start accounting valuations in restructuring situations

We work within the auditor's timeline and provide documentation that meets the requirements of Thai audit standards and IAASB guidelines for the use of a specialist. Our reports are structured to support the auditor's file, not to replace their judgment.

SPA Advisory and Tax Valuation Input

A share purchase agreement (SPA) or asset purchase agreement is the definitive document in any acquisition or disposal. The valuation inputs that go into an SPA, including locked-box pricing mechanisms, completion accounts adjustments, earn-out formulas, and representations and warranties around asset values, can have significant financial consequences if they are not well-structured from the outset.

Tax valuation is directly relevant here. The way a transaction is structured in an SPA determines how assets and liabilities are treated for Thai tax purposes after closing. Getting the tax valuation inputs right at the SPA stage is considerably less costly than correcting them after signing.

Our SPA advisory services provide valuation input, tax valuation analysis, and financial modeling support at key stages of the deal process, from pre-signing, signing, and post-signing, advising on appropriate pricing mechanisms, working capital peg calculations, reviewing SPA financial definitions for consistency and clarity, flagging terms that could give rise to disputes at completion, and confirming that asset allocation provisions are consistent with the intended tax treatment under Thai law.

Our business valuation support in Thailand includes:

Discuss Your Valuation Needs With Forvis Mazars in Thailand

Forvis Mazars brings together financial reporting expertise, transaction experience, and Thai regulatory knowledge in a single, coordinated valuation practice. Our valuation company in Thailand works across audit support, PPA valuation, goodwill impairment testing, intangible asset valuation, SPA advisory, and tax valuation, providing a consistent methodology and a single point of accountability across complex, multi-workstream engagements.

If you are working towards a transaction timeline, an audit deadline, or a regulatory requirement, early engagement makes a difference. Talk to our business valuation advisory support team in Thailand about your specific situation and needs today.

Frequently Asked Questions About Common Business Valuation Methods & Support in Thailand

Q: How do business valuation and PPA valuation differ in practice?

A: A business valuation determines the overall fair market value or investment value of a company — the price a willing buyer and a willing seller would agree on. A purchase price allocation (PPA) is a subsequent exercise that treats the agreed transaction price as given and allocates it to the identifiable assets and liabilities of the acquired business, with any residual assigned to goodwill. In practice, a business valuation might be commissioned before or during a transaction to support negotiation, while the PPA is prepared after closing to meet financial reporting requirements. The methodologies overlap, but their purposes, timing, and outputs are distinct.

Q: What information is needed for Forvis Mazars to perform goodwill impairment testing?

A: A goodwill impairment testing provider will prepare financial projections for each cash-generating unit (CGU) to which goodwill is allocated, covering at least five years with a terminal value assumption. To do this, we will require a discount rate appropriate to each CGU's risk profile, typically derived from a WACC analysis using market data. and, where applicable, comparable market transaction multiples for cross-checking. Management should also be prepared to provide documentation supporting their key assumptions, including revenue growth rates, margin forecasts, and capital expenditure requirements.

Q: When should we commission an independent intangible asset valuation instead of relying on internal estimates?

A: Internal estimates are generally not appropriate where the valuation will be subject to external scrutiny, whether in a financial reporting context, a tax filing, or a transaction. Under Thai audit standards, auditors are required to evaluate the competence, capabilities, and objectivity of any specialist whose work they intend to rely on. An internal valuation prepared by management does not meet the independence requirement. For PPA valuations, goodwill impairment testing, and intercompany IP transfer pricing, an independent intangible asset valuation from a qualified specialist is the expected standard.

Q: Can valuation work prepared by Forvis Mazars for financial reporting also be used for tax valuation purposes in Thailand?

A: Sometimes, but not always. A fair value measurement prepared under IFRS 13 for financial reporting purposes uses specific definitions and assumptions that may not align with the standard required by Thailand's Revenue Department for transfer pricing purposes. Where the two frameworks are compatible, for example, in certain restructuring valuations, a single report may be able to serve both purposes with appropriate disclosure. Where they diverge, separate analyses may be needed. We assess this at the outset of each engagement and advise on the most efficient approach.

Q: How does Forvis Mazars coordinate with our auditors during valuation and impairment projects?

A: We treat auditor coordination as a core part of the engagement. At the start of each project, we align with the audit team on scope, methodology, and timeline. During fieldwork, we maintain an open line of communication and flag any issues that could affect the audit conclusion early. We provide documentation in a format that meets the auditor's file requirements, and we are available to respond to auditor queries and attend review meetings as needed.

Q: Does Forvis Mazars provide business valuation support to cross-border groups where management and auditors are outside Thailand?

A: Yes. Many of our valuation engagements in Thailand are commissioned by regional or global finance teams, often in response to requirements from auditors based in Singapore, Hong Kong, Europe, or the United States. Through the Forvis Mazars global network, we coordinate with colleagues in the relevant jurisdictions to ensure that our Thailand-based work aligns with group-level requirements. We are experienced in working within the communication and review structures of large international audit firms and can provide reports in formats that meet their documentation standards.