Interpretations on Specific Accounting Matters

The Thai Federation of Accounting Professions (‘FAP’) has announced 4 interpretations on specific accounting matters that have been adopted from the equivalent International Accounting Standards Board’s (‘IASB’) SICs.

Keywords: Thailand, Accounting, Thai Federation of Accounting Professions, International Accounting Standards Board

The 4 interpretations are now in the process of being announced by Government Gazette.

  •  SIC 10: Government Assistance — No Specific Relation to Operating Activities
  •  SIC 21: Income Taxes — Recovery of Revalued Non-Depreciable Assets
  •  SIC 25: Income Taxes — Changes in the Tax Status of an Entity or its Shareholders
  •  SIC 31: Revenue — Barter Transactions Involving Advertising Services

The effective date is for accounting periods commencing on or after 1 January 2013 except for SIC 31 which is effective for accounting periods commencing on or after 1 January 2011.

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