In our newsletter of May 2023, we noted that the Committee of the Thailand Federation of Accounting Professions (“TFAC”) was in the process of revising the Thai Financial Reporting Standards (“TFRS”) and Thai Accounting Standards (“TAS”).
Keywords: Mazars, Thailand, Accounting, TFAC, Thai Financial Reporting Standards, TFRS
4 September 2023
These standards were translated based on the Bound Volume of International Financial Reporting Standards for 2023, consolidated without early application. The following changes in the standards and their effects on the TFRS and TAS are set out below:
These standards were published in the Royal Gazette and are effective for annual reporting periods beginning on or after 1 January 2024 except TFRS 17 will be effective for annual reporting periods beginning on or after 1 January 2025.
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.
In addition, there are two accounting standards in the process of submission to the Federation of Accounting Professions Board and Oversight Committee on Accounting Professions for consideration, which are as follows:
- Exposure draft amendments to IAS 12: International Tax Reform Pillar Two Model Rules
- Thai accounting guidance on other Thai Financial Reporting Standards related to the adoption of TFRS 4 in regard to insurance contracts during the period in which TFRS 17, ‘Insurance Contracts’ is not yet effective.