New TFRS on Financial Instruments

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

References

Topics

TFRS 7

Financial Instruments: Disclosures

TFRS 9

Financial Instruments 

TAS 32

Financial Instruments: Presentation

TFRIC 16

Hedges of a Net Investment in a Foreign Operation 

TFRIC 19

Extinguishing Financial Liabilities with Equity Instruments 

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:

References

Topics

TAS 101

Doubtful Accounts and Bad Debts

TAS 103

Disclosures in the Financial Statements of Banks and Similar Financial Institutions

TAS 104 (revised 2016)

Accounting for Troubled Debt Restructuring

 

TAS 105 (revised 2016) 

Accounting for Investments in Debt and Equity Securities

TAS 106

Accounting for Investment Entities

TAS 107 (revised 2016)

Financial Instruments Disclosure and Presentation

Thailand Accounting Guidance: Derecognition

Derecognition of financial assets and financial liabilities

Thailand Accounting Guidance: Insurance. FVTPL

Insurance business to designation of financial instruments at fair value through profit or loss

Thai Interpretation (TI – 9)

Assets Transferred by Debtors for Debt Settlement

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.