Revised and Amended Thai Financial Reporting Standards (“TFRS”) and Thai Accounting Standards (“TAS”)

Currently, the Thailand Federation of Accounting Professions (“TFAC”) stated that the Technical Committee is in the process of revising and amending TFRS and TAS. These standards will be translated based on the International Financial Reporting Standards 2023, and the revised and amended TFRS and TAS will become effective in Thailand for annual reporting periods beginning on or after 1 January 2024.

Keywords: Mazars, Thailand, Accounting, TFAC, Thai Financial Reporting Standards, IFRS, TFRS 17

9 June 2023

Revised / amended	TAS and TFRS affected
Definition of Accounting Estimates The amendments introduced the definition of accounting estimates and included other amendments to help entities distinguish changes in accounting estimates from changes in accounting policies.	TAS 8
Disclosure of Accounting Policies The amendments replace the requirement for entities to disclose their significant accounting policies with the requirement to disclose their material accounting policy information. The amendments also include guidance to help entities apply the definition of material in making decisions about accounting policy disclosures.	TAS 1, TAS 26, TAS 34, TFRS 7, and Guidance for Insurance – FI & Disclose
Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of TAS 12 so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The amendments apply to transactions such as leases and decommissioning obligations.	TAS 1 and TFRS 1
Amendments to sixteen Accounting Standards as a consequence of the issuance of TFRS 17.	TAS 1, TAS 7, TAS 16, TAS 19, TAS 28, TAS 32, TAS 36, TAS 37, TAS 38, TAS 40, TFRS 1, TFRS 3, TFRS 5, TFRS 7, TFRS 9, TFRS 15

Note: 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.

References:

https://acpro-std.tfac.or.th/standard/88/ฉบับปรับปรุงปี 2566-ปีหน้าและอนาคต

https://www.ifrs.org/content/dam/ifrs/shop/bb2023-changesinthisedition.pdf