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.
Paragraph 188 of the Thai Financial Reporting Standards for Non-Publicly Accountable Entities (“TFRS for NPAEs”) indicates that goodwill is not an intangible asset. Therefore, goodwill cannot be recognized and presented as an intangible asset in the financial statements.