New TFRS on Financial Instruments

In its October 2018 newsletter, the Federation of Accounting Professions (“FAP”) stated that the Government Gazette has announced new Thai Financial Reporting Standards (TFRS) on Financial Instruments on 21 September 2018. These standards consist of the following:

Keywords: Mazars, Thailand, Accounting, TFRS, FAP, TAS, TFRIC, Thai Financial Reporting Standards

16 November 2018

References Topics
TFRS 7 Financial Instruments: Disclosures
TFRS 9 Financial Instruments 
TAS 32 Financial Instruments: Presentation
TFRIC 16 Hedges of a Net Investment in a Foreign Operation 
TFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 

These standards are translated based on the International Financial Reporting Standards (“IFRS”) Blue Book for 2018, and will be effective in Thailand for annual reporting periods beginning on or after 1 January 2020.

When the new standards are officially announced and become effective in Thailand, the current accounting standards, Thailand accounting guidance and interpretations listed below will be cancelled:

References Topics
TAS 101 Doubtful Accounts and Bad Debts
TAS 103 Disclosures in the Financial Statements of Banks and Similar Financial Institutions
TAS 104 (revised 2016)

Accounting for Troubled Debt Restructuring


TAS 105 (revised 2016)  Accounting for Investments in Debt and Equity Securities
TAS 106 Accounting for Investment Entities
TAS 107 (revised 2016) Financial Instruments Disclosure and Presentation
Thailand Accounting Guidance: Derecognition Derecognition of financial assets and financial liabilities
Thailand Accounting Guidance: Insurance. FVTPL Insurance business to designation of financial instruments at fair value through profit or loss
Thai Interpretation (TI – 9) Assets Transferred by Debtors for Debt Settlement

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.

For more information, please visit the FAP website.