New TFRS and TAS as at January 2019
We set below the new Thai Financial Reporting Standards (“TFRS”) and Thai Accounting Standards (“TAS”) that have been announced, and which became effective in Thailand on from 1 January 2019, or which will become effective in the future.
Keywords: Mazars, Thailand, Accounting, TFRS, TAS, TFRIC
22 February 2019
Group | TAS/TFRS | Topics | Effective date |
1 | TFRS 15 | Revenue from Contracts with Customers (For more information, see our newsletter of September 2018) | 1 January 2019 |
2 | TFRS 1 | First-time Adoption of International Financial Reporting Standards | 1 January 2019 |
3 | TFRIC 22 | Foreign Currency Transactions and Advance Consideration | 1 January 2019 |
New Thai Financial Reporting Standards (Financial instruments) | |||
4 | TAS 32 | Financial Instruments: Presentation | 1 January 2020 |
TFRS 7 | Financial Instruments: Disclosures | ||
TFRS 9 | Financial Instruments | ||
TFRIC 16 | Hedges of a Net Investment in a Foreign Operation | ||
TFRIC 19 | Extinguishing Financial Liabilities with Equity Instruments | ||
5 | Guidance for insurance | Financial instruments and disclosures for Insurance business | 1 January 2020 |
6 | TFRS 16 | Leases (For more information, see our newsletter of August 2018) | 1 January 2020 |
Currently, these standards apply only to listed or regulated companies reporting under full TFRS. If smaller entities or non-publicly accountable entities would like to adopt these standards early, they must adopt and apply the full set of TFRS for Publicly Accountable Entities.
In addition, the Committee of the Federation of Accounting Professions plans to implement the following new International Financial Reporting Standards in Thailand:
| Topics | Expected effective date |
TFRIC 23 | Uncertainty over Income Tax Treatments | In 2020 |
| The Conceptual Framework for Financial Reporting | In 2021 |
IFRS 17 | Insurance Contracts | In 2023 |
For more information, please visit the FAP website and FAP newsletters from January 2019.
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