Thai GAAP and IFRS Convergence – Status Update
The Federation of Accounting Professions in Thailand (“FAP”) and Thai Securities and Exchange Commission (“SEC”) is following a program to converge Thai Accounting Standards (“TAS”) with International Financial Reporting Standards (“IFRS”).
Keywords: Mazars, Thailand, Accounting, GAAP, IFRS, FAP, SEC, TAS
04 October 2013
Several new and revised Thai Standards have been issued over recent years by the FAP and are already effective.
Thailand has long been aware that convergence with international accounting and financial reporting standards is a necessary step to remain competitive as an investment destination in both the regional and global economy.
However, the process to fully align Thailand with international accounting and financial reporting practice remains ongoing.
This status update highlights the current progress of this convergence project and identifies in which areas issues are still being addressed.
Please click here for Thai GAAP and IFRS Convergence - Status Update.