Convergence of TAS with IFRS - Update
A summary of the changes to Thai Accounting Standards (‘TAS’) and Thai Financial Reporting Standards (‘TFRS’) has been issued by the Federation of Accounting Professions (‘FAP’).
Keywords: IFRS, TAS, Thailand, Federation of Accounting Professions, Stock Exchange of Thailand
- TAS must be in line with guidelines set by IFRS.
- At the end of 2005, FAP agreed with the SEC to revise current TAS to be in compliance with IFRS by:
- issuing new TAS and interpretations; and
- revising the existing TAS to be in compliance with IFRS.
- The FAP are in the process of preparing TAS and TFRS in line with IFRS Bound Volume 2009 (revised 2008) and cancelling any existing TAS which are being replaced.
- TAS and TFRS referred in no. 3 have an effective date commencing 1 January 2011 for publicly accountable entities (see below).
- Some TAS and TFRS (for example IAS 32, 39 and IFRS 7) which are difficult in substance will be effective commencing 1 January 2013.
The definition of Publicly Accountable Entities is:
- Entities that have their equity securities and debt securities publicly traded.
- Entities that have to submit their financial statements to SEC, SET or other government units for the reason of publication of their marketable securities.
- Entities that are governed by specific legislation, like Banks, Insurance, Securities, mutual funds and other financial institutions.
- Public companies.
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