Keywords: Mazars, Thailand, Thai Accounting Standards, TFRS, TAS, TFRIC, TSIC, IFRS
29 January 2015
On 27 October 2014, the Federation of Accounting Professions released the first exposure drafts of Thai Financial Reporting Standards (‘TFRS’) for public hearing and comment.
These standards include: TFRS, Thai Accounting Standards (‘TAS’), Thai Financial Reporting Interpretations Committee (‘TFRIC’) and Thai Standing Interpretations Committee (‘TSIC’) which have been developed and revised to be in line with International Financial Reporting Standards (‘IFRS’) Bound Volume 2013 (Blue Book). The standards when announced will be effective from 2015 onwards, except TFRS 4 “Insurance contracts (revised 2014)” which will be announced and effective from 2016 onwards.
The exposure drafts comprise of:
(i) Conceptual Framework for Financial Reporting (revised 2014)
(ii) TFRS: 10 standards (6 revised standards and 4 new standards)
(iii) TAS: 25 standards (revised from the current standards)
(iv) TFRIC: 12 standards (10 revised standards and 2 new standards)
(v) TSIC: 7 standards (revised from the current standards)