Thai Accounting Standards (TAS) are issued by Thailand’s Federation of Accounting Professions (FAP). All Thai Accounting Standards follow the International Accounting Standards (IAS), thus have the same numerical orders and title and content. Thailand, like many other countries in the international accounting community has adopted the IFRS (International Financial Reporting Standards).
FAP plans to fully adopt IFRS as the Thai Accounting Standards for the SET (Stock Exchange of Thailand) listed companies within 2011 through 2015. For the non-listed companies, FAP plans to announce the adoption of Thai Accounting Standards and IFRS to be applied in 2011. However, FAP normally issues its notification to provide exemption for some Thai Accounting Standards that are too difficult to comply by the SME’s.