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FAQ for 2023 year-end Financial Statements under Revised TFRS for NPAEs (2022) and DBD Notification on Abbreviated Components.
Financial Statements prep FAQs for 2023 year-end under TFRS for NPAEs (Revised 2022) & new DBD Notification on Abbreviated Components.
Keywords: Mazars, Thailand, TFRS, NPAEs, DBD, Financial statements
Q: How should non-publicly accountable entities (NPAEs) prepare financial statements for the 2023 year-end?
A: NPAEs should follow the TFRS for NPAEs (Revised 2022) and the current version of the notification on the 'Definition of Abbreviated Components' issued by the Department of Business Development. Where financial reporting standards require presentation which differs from that outlined in the notification, the financial standards must be followed.
Q: What wording should NPAEs use in the 'Basis of Preparation of the Financial Statements' section of the notes to the financial statements for the 2023 year-end?
A: The financial statements should comply with the Thai Financial Reporting Standards for Non-Publicly Accountable Entities (Revised 2022) and the Department of Business Development notification, 'Definition of Abbreviated Components Required in the Financial Statements 2011'.
Q: Do NPAEs need to use the new names in Thai for the statement of financial position and statement of changes in shareholder’s equity for the 2023 year-end?
A: No, NPAEs are not required to use the new names, “งบฐานะการเงิน” and “งบการเปลี่ยนแปลงส่วนของเจ้าของ”, for the 2023 year-end. This is because the new Department of Business Development notification, ‘Definition of Abbreviated Components Required in the Financial Statements 2023,’ takes effect for financial statements prepared for fiscal years beginning on or after 1 January 2024
Q: How can financial statements for the 2023 year-end be filed electronically with the DBD if they do not match the current DBD template?
A: Because the current DBD template is based on the current version of the notification on the ‘Definition of Abbreviated Components’, any additional items that NPAEs choose to apply according to TFRS for NPAEs (Revised 2022) cannot be matched to it. NPAEs cannot enter financial statement data into the DBD’s e-filing system. They can only submit scanned versions of the financial statements. For detailed instructions, please refer to the DBD’s website and any announcements made about this issue.
Q: What statements and information should each type of entity prepare for the 2023 year-end?
A: See the table below:
Entities | Statement of financial position | Statement of income | Statement of comprehensive income* | Statement of changes in owner’s equity | Statement of cashflow | Consolidated financial statements / Financial statements showing investments using the equity method | Comparative data from previous years | Notes to financial statements |
Registered partnerships | Required | Required | Optional | Not required | Optional | Optional | Required | Required |
Limited companies | Required | Required | Optional | Required | Optional | Optional | Required | Required |
Public companies | Required | Not required | Required | Required | Required | Required | Required | Required |
Legal entities established under foreign law | Required | Required | Optional | Required | Optional | Optional | Required | Required |
Joint ventures under Revenue Code | Required | Required | Optional | Required | Optional | Optional | Required | Required |
*Note: There are two types of statement of comprehensive income: a combined statement; and a separate statement.
Reference (in Thai): Content and Q&A session of seminar “Revised financial reporting standards and new DBD notification on abbreviated components” held by the Ministry of Commerce on 12 December 2023
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