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Thai GAAP and IFRS Convergence Updates
The Federation of Accounting Professions in Thailand (‘FAP’) and Thai Securities and Exchange Commission (‘SEC’) is following a program to converge Thai Accounting Standards (‘TAS’) with International Financial Reporting Standards (‘IFRS’). Several new and revised Thai Standards have been issued over recent years by the FAP and are already effective.
IFRS 10, which was published in May 2011, introduces a single definition of control and replaces the portion of IAS 27 which related to consolidated financial statements, as well as the SIC 12 interpretation on special purpose entities.
Asia has become a global growth driver and both local and international companies are seeking assistance from professional firms offering a large range of business expertise across the Asia-Pacific region.
More than 100 countries on all six continents require or permit the use of International Financial Reporting Standards ('IFRS'). Major economies in Asia-Pacific, North America and Latin America have set out a time line for the full adoption of IFRS. Here in Thailand the process of making the transition to IFRS is just beginning. The impact on companies is expected to be significant.
Mazars in Thailand combines the benefits of a worldwide integrated partnership with the entrepreneurial drive of the Double Impact Group, which was founded by Bruce Darrington in Bangkok in 1999.