In its October 2018 newsletter, the Federation of Accounting Professions (“FAP”) stated that the Government Gazette has announced new Thai Financial Reporting Standards (TFRS) on Financial Instruments on 21 September 2018. These standards consist of the following:
Keywords: Mazars, Thailand, Accounting, TFRS, FAP, TAS, TFRIC, Thai Financial Reporting Standards
16 November 2018
These standards are translated based on the International Financial Reporting Standards (“IFRS”) Blue Book for 2018, and will be effective in Thailand for annual reporting periods beginning on or after 1 January 2020.
When the new standards are officially announced and become effective in Thailand, the current accounting standards, Thailand accounting guidance and interpretations listed below will be cancelled:
Currently, these standards apply only to listed or regulated companies reporting under full TFRS. If smaller entities or non-publicly accountable entities would like to adopt these standards early, they must adopt and apply the full set of TFRS for Publicly Accountable Entities.
For more information, please visit the FAP website.