Adoption of IFRS

The Federation of Accounting Professions (‘FAP’) and the Securities and Exchange Commission of Thailand (‘SEC’) have announced a scheduled timeline for Stock Exchange of Thailand (‘SET') listed companies to become fully compliant with Thai Accounting Standards (‘TAS’) adopted from the International Financial Reporting Standards (‘IFRS’).

Keywords: Accounting, Thailand, IFRS adoption, SET, TAS, FAP

Thai Accounting Standards pending announcement in the Thai Government Gazette and which will become effective in 2011:

  • TAS 16 Plant Property and Equipment
  • TAS 18 Revenue
  • TAS 19 Employee Benefits
  • TAS 20 Accounting for Government Grants and Disclosure of Government Assistance
  • TAS 21 The Effects of Changes in Foreign Exchange Rates
  • TAS 24 Related Party Disclosures
  • TAS 26 Accounting and Reporting of Retirement Benefit Plans
  • TAS 29 Financial Reporting in Hyperinflationary Economies
  • TAS 33 Earnings per Share
  • TAS 40 Investment Property
  • TAS 41 Agriculture
  • TFRS 1 First – Time Adoption of International Financial Reporting Standards
  • TFRS 2 Share-based Payments
  • TFRS 6 Exploration and Evaluation of Mineral Resources
  • TFRS 8 Operating Segments Thai Accounting Standards pending announcement in the Thai Government Gazette and for which the effective date has been postponed to 2013
  • TAS 12 Deferred tax
  • TAS 32 Financial Instruments: Presentation
  • TAS 39 Financial Instruments: Recognition and Measurement
  • TFRS 4 Insurance Contracts
  • TFRS 7 Financial Instruments: Disclosure

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