New TFRS and TAS as at January 2019

We set below the new Thai Financial Reporting Standards (“TFRS”) and Thai Accounting Standards (“TAS”) that have been announced, and which became effective in Thailand on from 1 January 2019, or which will become effective in the future.

Keywords: Mazars, Thailand, Accounting, TFRS, TAS, TFRIC

22 February 2019

Group

TAS/TFRS

Topics

Effective date

1

TFRS 15

Revenue from Contracts with Customers (For more information, see our newsletter of September 2018)

1 January 2019

2

TFRS 1

First-time Adoption of International Financial Reporting Standards

1 January 2019

3

TFRIC 22

Foreign Currency Transactions and Advance Consideration

1 January 2019

New Thai Financial Reporting Standards (Financial instruments)

4

TAS 32

Financial Instruments: Presentation

1 January 2020

TFRS 7

Financial Instruments: Disclosures

TFRS 9

Financial Instruments

TFRIC 16

Hedges of a Net Investment in a Foreign Operation

TFRIC 19

Extinguishing Financial Liabilities with Equity Instruments

5

Guidance for insurance

Financial instruments and disclosures for Insurance business

1 January 2020

6

TFRS 16

Leases

(For more information, see our newsletter of August 2018)

1 January 2020

Currently, these standards apply only to listed or regulated companies reporting under full TFRS. If smaller entities or non-publicly accountable entities would like to adopt these standards early, they must adopt and apply the full set of TFRS for Publicly Accountable Entities.

In addition, the Committee of the Federation of Accounting Professions plans to implement the following new International Financial Reporting Standards in Thailand:  

 

Topics

Expected effective date

TFRIC 23

Uncertainty over Income Tax Treatments

In 2020

 

The Conceptual Framework for Financial Reporting

In 2021

IFRS 17

Insurance Contracts

In 2023

For more information, please visit the FAP website  and FAP newsletters from January 2019 .

Want to know more?