Direction of Thai Financial Reporting Standards
The Federation of Accounting Professions (‘FAP’) is currently revising Thai Financial Reporting Standards, including Thai Accounting Standards (‘TAS’), (together, ‘TFRS’), in accordance with International Financial Standards (‘IFRS’).
Keywords: Mazars, Thailand, Accounting, FAP, TAS, TFRS, IFRS, IAS, AEC
12 June 2013
The FAP has divided the revised TFRS into three groups, with effective dates (and effective dates of related IFRS) as follows:
- Group I: All TFRS, except for TFRS included in Group ll and Group lll, will be revised in accordance with IFRS as in effect on 1 January 2012, and will be effective for financial statements prepared for reporting periods beginning on or after 1 January 2014.
- Group II: TFRS of Group ll comprise (1) TFRS 10 Consolidated Financial Statements (2) TFRS 11 Joint Arrangements (3) TFRS 12 Disclosure of Interests in Other Entities (4) TFRS 13 Fair Value Measurement (5) TAS 27 Separate Financial Statements and (6) TAS 28 Investments in Associates and Joint Ventures.
These TFRS will be revised in accordance with IFRS as in effect on 1 January 2013, and will be effective for financial statements prepared for reporting periods beginning on or after 1 January 2015.
- Group III: TFRS of Group lll comprise (1) TFRS 4 Insurance Contracts (2) TFRS 9 Financial Instruments (3) TAS 41 Agriculture and new accounting guidelines prepared from (1) IAS 32 Financial Instruments: Presentation (2) IAS 39 Financial Instruments: Recognition and Measurement (3) IFRS 7 Financial Instruments: Disclosures.
These TFRS will be effective for financial statements prepared for reporting periods beginning on or after 1 January 2016.
In addition, the FAP is currently considering the adoption of new accounting standards in accordance with International Financial Reporting Standards for Small and Medium-sized Entities (2009) at the time that Thailand joins the AEC in 2015. The adoption criteria have not yet been identified.