Adoption of IFRS

The Federation of Accounting Professions (‘FAP’) and the Securities and Exchange Commission of Thailand (‘SEC’) have announced a scheduled timeline for Stock Exchange of Thailand (‘SET') listed companies to become fully compliant with Thai Accounting Standards (‘TAS’) adopted from the International Financial Reporting Standards (‘IFRS’).

Keywords: Accounting, Thailand, IFRS adoption, SET, TAS, FAP

Thai Accounting Standards pending announcement in the Thai Government Gazette and which will become effective in 2011:

  • TAS 16 Plant Property and Equipment
  • TAS 18 Revenue
  • TAS 19 Employee Benefits
  • TAS 20 Accounting for Government Grants and Disclosure of Government Assistance
  • TAS 21 The Effects of Changes in Foreign Exchange Rates
  • TAS 24 Related Party Disclosures
  • TAS 26 Accounting and Reporting of Retirement Benefit Plans
  • TAS 29 Financial Reporting in Hyperinflationary Economies
  • TAS 33 Earnings per Share
  • TAS 40 Investment Property
  • TAS 41 Agriculture
  • TFRS 1 First – Time Adoption of International Financial Reporting Standards
  • TFRS 2 Share-based Payments
  • TFRS 6 Exploration and Evaluation of Mineral Resources
  • TFRS 8 Operating Segments Thai Accounting Standards pending announcement in the Thai Government Gazette and for which the effective date has been postponed to 2013
  • TAS 12 Deferred tax
  • TAS 32 Financial Instruments: Presentation
  • TAS 39 Financial Instruments: Recognition and Measurement
  • TFRS 4 Insurance Contracts
  • TFRS 7 Financial Instruments: Disclosure

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IFRS in Thailand

More than 100 countries on all six continents require or permit the use of International Financial Reporting Standards ('IFRS'). Major economies in Asia-Pacific, North America and Latin America have set out a time line for the full adoption of IFRS. Here in Thailand the process of making the transition to IFRS is just beginning. The impact on companies is expected to be significant.

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