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

Using a Functional Currency

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?

Accounting for the employee benefits obligation

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.