Keywords: Mazars, Thailand, Accounting, IASB, FASB, US GAPP, FAP, IFRS, TFRS 15
7 October 2016
The principal objective of IFRS 15 is to develop and converge US GAPP and IFRS recognition of revenue.
The Federation of Accounting Professions (“FAP”) translated this standard into Thai and published the exposure draft on their website for public hearing and comment. Currently, a FAP committee is in the process of considering this standard for approval, which is expected to become effective in 2019.
When the new standard is announced and becomes effective in Thailand, the current accounting standards listed below will be discontinued.