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:

Keywords: Mazars, Thailand, Accounting, Financial Statements, TFRS, NPAE 



Previous version 

Revised version 

Statement of financial position 



Statement of changes in equity 



Expense by nature 



As set out in the article published by the Thai Federation of Accounting Professions on 8 December 2023, the Thai terms in the revised Thai Financial Reporting Standards for Non-publicly Accountable Entities (TFRS for NPAEs) remain unchanged. As the TFRS for NPAEs are specific to Thailand and the meaning of both the previous and revised versions do not differ significantly, NPAEs can use either the previous or revised Thai terms. This approach acknowledges the compatibility of both versions and provides clarity for NPAEs preparing their financial statements. However, changes to terms in the TFRS for NPAEs may be considered in the future, and entities are encouraged to stay informed of any updates or changes in accounting standards.  

Reference: TFAC article published on 8 December 2023