The FAP elected a new president and management team in June 2017. Furthermore, it has issued certain policies that will be of benefit to accounting professionals and FAP members.
Paragraph 188 of the Thai Financial Reporting Standards for Non-Publicly Accountable Entities (“TFRS for NPAEs”) indicates that goodwill is not an intangible asset. Therefore, goodwill cannot be recognized and presented as an intangible asset in the financial statements.
The April 2017 issue of the newsletter of the Federation of Accounting Professions (“FAP”) set out the qualifications needed to register as an ASEAN Chartered Professional Accountant (ASEAN CPA), which are as follows:
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.
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.