Accounting Section - Doing Business

Explore a series of summaries providing an overview of useful accounting regulations, processes and accounting issues for doing business in Thailand.

Contingent assets: Compensation from insurance companies

The definition and accounting treatment of contingent assets have been newly introduced in the most recent version of the Thai Financial Reporting Standards for Non-publicly Accountable Entities (TFRS for NPAEs) (Revised 2022). To determine the appropriate recording of compensation from insurance companies, adherence to the guidelines outlined in the TFRS for NPAEs is essential.

Change of Thai terms in Financial Statements

In the updated Thai Financial Reporting Standards announced in August 2023 and set to be effective for financial years commencing on or after 1 January 2024, changes will be made to TFRS 1, ‘Presentation of Financial Statements’. These changes are intended to enhance consistency and accuracy in the Thai terms used so that they correspond more closely to the equivalent English terms. Changes to the new DBD Notification on Abbreviated Components will also be made to match those made to TFRS 1. The terms to be changed are as follows:

Accounting issues related to share swaps

Example: Company A is a successful limited company with a strong market presence. Company B is a listed company seeking strategic growth opportunities. Company B decides to acquire Company A through a share swap, offering its common shares to the shareholders of Company A.

FAQ for 2023 year-end Financial Statements under Revised TFRS for NPAEs (2022) and DBD Notification on Abbreviated Components.

Financial Statements prep FAQs for 2023 year-end under TFRS for NPAEs (Revised 2022) & new DBD Notification on Abbreviated Components.

New Department of Business Development notification, ‘Definition of Abbreviated Components Required in Financial Statements 2023’

Background and objectives: On 17 November 2023, the Department of Business Development issued a notification entitled, 'Definition of the Abbreviated Components Required in the Financial Statements'. This notification becomes effective for the preparation of financial statements for fiscal years beginning on or after 1 January 2024.

Accounting Section - Doing Business

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