Accounting

You will find here a series of summaries providing an overview of useful accounting regulations, processes and accounting issues for Doing Business in Thailand.

ASEAN CPA

The ASEAN Coordinating Committee on Services (CCS), which meets every 3 to 4 months, held its 86th session in Indonesia from 30 January through 4 February 2017 to discuss the ASEAN Mutual Recognition Arrangement (MRA) for professions such as engineers, architects, and doctors, among others.

Employee benefits obligation

In February 2017, the Federation of Accounting Professions (“FAP”) issued the following response to a question about recognizing an employee benefits obligation if a company has not set a certain retirement age, or does not have a policy on a retirement age.

Delay in effective date of TFRS for SMES

In November 2016, the Federation of Accounting Professions (“FAP”) announced that the effective date for applying the TFRS for SMEs has been postponed from 1 January 2017 to 1 January 2018, as FAP is in the process of translating and revising the TFRS for SMEs to comply with the IFRS for SMEs incorporates 2015 amendment.

Revised TSA to affect auditors’ reports

Under the new and revised Thai Standards on Auditing (“TSA”), auditors are required to communicate key audit matters in auditors’ reports for listed entities. The changes will increase transparency and enhance the value of information set out in financial reporting, which will be beneficial for both those using the reports and the general public.

Amortization of goodwill

Here is an example of goodwill: On 1 July 2016, Company A acquired Company Z with assets at a fair value of THB 1,500,000 million and liabilities totalling THB 850,000. Therefore, goodwill of THB 650,000 arose at the date of acquisition.

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