Keywords: Mazars, Thailand, Accounting, FAP, SMEs, TFRS, NPAEs, PAEs
7 November 2016
Therefore, a committee of the FAP has classified Non-Publicly Accountable Entities (“NPAEs”) into two types:
1. Complex NPAEs: for entities
- which are a subsidiary, associate, or joint venture of Publicly Accountable Entities (“PAEs”) or;
- that have their equity in PAEs as a subsidiary, associate, or joint venture of NPAEs or;
- that have their equity in NPAEs as a subsidiary, associate, or joint venture of NPAEs.
2. Non-complex NPAEs
The committee passed a resolution to allow the reduction of some TFRS requirements for SMEs upon first-time adoption, as follows:
The table below summarizes the reduction allowed for the first-time adoption of TFRS for SMES by Complex NPAEs and Non-complex NPAEs:
For more information, please visit the Fedration of Accounting Professions website.