In many countries entities are required to present their financial statements in the functional currency. However, entities in Thailand which apply TFRS for NPAEs are required to use Thai Baht. What happens if an entity needs to prepare its financial statements in a currency other than Thai Baht? What are the options and what is the impact for both the financial reporting and tax?
In 2017, Company A had a debt totalling THB 2,800,000 forgiven by Company Z, a major shareholder of Company A.
The amended Labour Protection Act, which became effective on 1 September 2017, states that employers may set the retirement age for employees, or an employer and employee may make an agreement on the retirement age, or employee representatives may make a collective agreement on the retirement age. Retirement at the set age will be considered termination of employment.
If a company defaults on repayment of a long-term loan during the fiscal year, such a loan will automatically be converted to a loan to be paid back on demand.
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.