Thailand Financial Reporting Standards Roadmap
The Federation of Accounting Profession (‘FAP’) Committee has considered and approved a roadmap to develop Thai Financial Reporting Standards (‘TFRS’) in line with International Financial Reporting Standards (‘IFRS’).
Keywords: Mazars, Thailand, Accounting, TFRS, FAP, IFRS
10 November 2014
The objective of this work plan is to develop and improve the financial reporting treatment for TFRS has the same or similar in concept to the IFRS (Blue Book) BV 2013 except the Financial Instruments.
The plan for updating and revising the TFRS in the next three years (2015 – 2017) are as follows:
(i) The FAP are in the process of revising TFRS in line with the 2013 IFRS (Blue Book) (except for those standards on financial instruments which will remain optional) and such standards will be announced and effective from 2015 onwards.
(ii) Significantly amending the TFRS Pack 5 (being TFRS 10, TFRS 11, TFRS 12, TAS 27 and TAS 28) and fair value measurement (TFRS 13) effective from 2015 onwards.
(iii) A TFRS based on IAS 41 Agriculture will be issued and announced in 2016.
(iv) A new set of accounting standards (following the 2009 IFRS for SMEs) for NPAEs which are not SMEs. However, the FAP has not yet determined the criteria for meeting for defining SMEs.
(v) Further amendments to TFRS to be in line with the previous year’s IFRS. For example, the 2016 IFRS (Blue Book) would be effective in Thailand in 2017.
Refer: FAP Newsletter of October 2014