Mazars Thailand Accounting update - Adoption of IFRS - Mazars

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Mazars Thailand Accounting update - Adoption of IFRS

The Federation of Accounting Professions (‘FAP’) and the Securities and Exchange Commission of Thailand (‘SEC’) have announced a scheduled timeline for Stock Exchange of Thailand (‘SET') listed companies to become fully compliant with Thai Accounting Standards (‘TAS’) adopted from the International Financial Reporting Standards (‘IFRS’).

Keywords: Accounting, Thailand, IFRS adoption, SET, TAS, FAP

Thai Accounting Standards pending announcement in the Thai Government Gazette and which will become effective in 2011:

TAS 16 Plant Property and Equipment
TAS 18 Revenue
TAS 19 Employee Benefits
TAS 20 Accounting for Government Grants and Disclosure of Government Assistance
TAS 21 The Effects of Changes in Foreign Exchange Rates
TAS 24 Related Party Disclosures
TAS 26 Accounting and Reporting of Retirement Benefit Plans
TAS 29 Financial Reporting in Hyperinflationary Economies
TAS 33 Earnings per Share
TAS 40 Investment Property
TAS 41 Agriculture
TFRS 1 First – Time Adoption of International Financial Reporting Standards
TFRS 2 Share-based Payments
TFRS 6 Exploration and Evaluation of Mineral Resources
TFRS 8 Operating Segments Thai Accounting Standards pending announcement in the Thai Government Gazette and for which the effective date has been postponed to 2013
TAS 12 Deferred tax
TAS 32 Financial Instruments: Presentation
TAS 39 Financial Instruments: Recognition and Measurement
TFRS 4 Insurance Contracts
TFRS 7 Financial Instruments: Disclosure