Accounting Section - Doing Business

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

Bill-and-hold arrangement

A bill-and-hold arrangement is a contract under which an entity bills a customer for a product but retains physical possession of the product until it is transferred to the customer at a future point in time.

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TFRS 15 – Revenue from contracts with customers

A new Thai Financial Reporting Standard, TFRS 15, ‘Revenue from contracts with customers’, has been issued and applies to accounting periods beginning on or after 1 January 2019.

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Recognition of Investment Property

Paragraph 198 of the Thai Financial Reporting Standards for Non-Publicly Accountable Entities (TFRS for NPAEs) states:

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Treatment of rental property income and expense

In its May 2019 newsletter, the Thailand Federation of Accounting Professions (“TFAC”) issued a statement saying that the Revenue Department (RD) issued Departmental Regulation No. Tor. Por. 299/2561 to amend Clause 3.4 of Departmental Order No. Tor. Por. 1/2528. The objective of Tor. Por. 299/2561 is to eliminate differences between the recognition of revenue from and expenses for a rental property for accounting and tax purposes, for both the lessor and the lessee of the property.

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Guidance on Revenue from Contracts with Customers

TFRS 15, “Revenue from Contracts with Customers”, is now effective (for periods beginning on or after 1 January 2018, with earlier adoption permitted).

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