Amendments in Thai Financial Reporting Standards
The FAP has announced amendments to Thai Financial Reporting Standards covering accounting for troubled debt restructurings, non-current assets held for sale and discontinued operations and the guideline for accounting for lease rights.
Keywords: Mazars, Thailand, Accounting, TFRS, TAS, FAP
The following amendments are made in two standards and one guideline:
1) TAS104: Accounting for Troubled Debt Restructurings
The FAP has removed the requirement to present gains from debt restructuring as extra-ordinary items.
2) TFRS5: Non-Current Assets Held for Sale and Discontinued Operations
The announcement corrects the name of the financial statement which presents the result of operation of discontinued operations from ‘Statement of Financial Position’ to ‘Statements of Comprehensive Income’.
3) Guideline of Accounting for Lease Rights
In order to be in line with TAS1: Presentation of Financial Statements, the requirement to present the lease in a separate line in the statement of financial position has been withdrawn.