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.

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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TFRIC 22: Foreign Currency Transactions

In its March 2019 newsletter, the Thailand Federation of Accounting Professions (“TFAC”) issued its interpretation of the accounting treatment of foreign currency transactions, including the payment or receipt of advance consideration, as set out in TFRIC 22, “Foreign Currency Transactions and Advance Consideration”, and included several examples.

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FAP is now TFAC

The Federation of Accounting Professions (FAP) has changed its name and acronym to the Thailand Federation of Accounting Professions (TFAC) as of 2019.

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Employee benefits obligation

Thailand’s National Legislative Assembly (NLA) passed a new act on 13 December 2018 which, when published in the Government Gazette, will amend the current Labour Protection Act (LPA). The new law will become effective 30 days after publication, which is expected to take place in early 2019.

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