TFRS Exposure Drafts Released

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.

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)

(1) TFRS that will significantly change in principal or are new
TAS 27 Separate Financial Statements (revised 2014)
TAS 28 Investments in Associates and Joint Ventures (revised 2014)
TFRS 10 Consolidated Financial Statements
TFRS 11 Joint Arrangements
TFRS 12 Disclosure of Interests in Other Entities
Fair Value Measurement
TFRS 13 Fair Value Measurement
Other Interpretations



The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction for TAS 19 “ Employee benefit”
TFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
(2) TFRS for which the guidelines will change
Presentation of Financial Statements and Others
TAS 1 Presentation of Financial Statements (revised 2014)
TAS 19 Employee Benefits (revised 2014)
TAS 34 Interim Financial Reporting (revised 2014)
  Conceptual Framework for Financial Reporting
(3) TFRS that will not significantly change
TAS 11 Construction Contracts (revised 2014)
TAS 23 Borrowing Costs (revised 2014)
TAS 26 Accounting and Reporting by Retirement Benefit Plans (revised 2014)
TAS 29 Financial Reporting in Hyperinflationary Economies (revised 2014)
TAS 37 Provisions, Contingent Liabilities and Contingent Assets (revised 2014)
TFRS 6 Exploration for and Evaluation of Mineral Resources (revised 2014)
TFRS 8 Operating Segments (revised 2014)
TSIC 10 Government Assistance – No Specific Relation to Operating Activities (revised 2014)
TSIC 15 Operating Lease - Incentive (revised 2014)
TSIC 25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders (revised 2014)
TSIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease (revised 2014)
TSIC 29 Service Concession Arrangements: Disclosures (revised 2014)
TSIC 31 Revenue – Barter Transactions Involving Advertising Services (revised 2014)
TSIC 32 Intangible Assets – Web Site Costs (revised 2014)
TFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (revised 2014)
TFRIC 4 Determining Whether an Arrangement Contains a Lease (revised 2014)
TFRIC 7 Applying the Restatement Approach under TAS 29 (revised 2014)
TFRIC 10 Interim Financial Reporting and Impairment (revised 2014)
TFRIC 12 Service Concession Arrangements (revised 2014)
TFRIC 15 Agreements for the construction of Real Estate (revised 2014)
TFRIC 18 Transfers of Assets from Customers (revised 2014)
(4) TFRS for which the only changes are in the wording
Fair Value Measurement
TAS 2 Inventories (revised 2014)
TAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (revised 2014)
TAS 10 Events After the Reporting Period (revised 2014)
TAS 16 Property, Plant and Equipment (revised 2014)
TAS 17 Leases (revised 2014)
TAS 20 Accounting for Government Grants and Disclosure of Government Assistance (revised 2014)
TFRS 2 Share-based Payment (revised 2014)
TFRS 4 Insurance Contracts (revised 2014)
TFRIC 13 Customer Loyalty Programmes (revised 2014)
Consolidation and Fair Value Measurement
TAS 18 Revenue (revised 2014)
TAS 21 The Effects of Changes in Foreign Exchange Rates (revised 2014)
TAS 36 Impairment of Assets (revised 2014)
TAS 38 Intangible Assets (revised 2014)
TFRS 3 Business Combinations (revised 2014)
TFRS 5 Non-current Assets Held for Sales and Discontinued Operation (revised 2014)
TFRIC 17 Distributions of Non-cash Assets to Owners (revised 2014)
Presentation of Financial Statements, Fair Value Measurement and Others
TAS 7 Statement of Cash Flows (revised 2014)
TAS 12 Income Taxes (revised 2014)
TAS 24 Related Party Disclosures (revised 2014)
TAS 33 Earnings Per Share (revised 2014)
TAS 40 Investment Property (revised 2014)



Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (revised 2014)