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Thai Accounting Standards

Thai Accounting Standards

Thai Accounting Standards and Financial Reporting Standards are announced by Thailand Federation of Accounting Professions (FAP) and correspond with the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS). The ones that are currently effective as of 1 January 2011 are summarized in the below table. Note that non-publicly accountable entities can choose to adopt the Thai Financial Reporting Standard for Non-Publicly Accountable Entities – NPAEs.

A non-publicly accountable entity is an entity that is not one of the following:

(a) Its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets),

(b) An entity that holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses, such as financial institutions, insurance companies, securities brokers/dealers, mutual funds and Agricultural Futures Exchange of Thailand,

(c) Public companies,

(d) Other entities that may be specified in the future.

Some entities may also hold assets in a fiduciary capacity for a broad group of outsiders because they hold and manage financial resources entrusted to them by clients, customers or members not involved in the management of the entity. However, if they do so for reasons incidental to a primary business (as, for example, may be the case for travel or real estate agents, schools, charitable organizations, co-operative enterprises requiring a nominal membership deposit, and sellers that receive payment in advance of delivery of the goods or services such as utility companies), that does not make them publicly accountable.

A subsidiary whose parent uses full TFRSs, or that is part of a consolidated group that uses full TFRSs, is not prohibited from using the Thai Financial Reporting Standard for Non-Publicly Accountable Entities – NPAEs in its own financial statements if that subsidiary by itself does not have public accountability. If its financial statements are described as conforming to the TFRS for NPAEs, it must comply with all of the provisions of this TFRS.

If any non-publicly accountable entities choose not to adopt the Thai Financial Reporting Standard for Non-Publicly Accountable Entities – NPAEs, they have to comply with each and every TAS and TFRS.

No. Thai Accounting Standards
TAS 1 Presentation of Financial Statements
TAS 2 Inventories
TAS 7 Cash Flow Statements
TAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
TAS 10 Events after the Balance Sheet Date
TAS 11 Construction Contracts
TAS 12 Income Taxes
TAS 16 Property, Plant and Equipment
TAS 17 Leases
TAS 18 Revenue
TAS 19 Employee Benefits
TAS 20 Accounting for Government Grants and Disclosure of Government Assistance
TAS 21 The Effects of Changes in Foreign Exchange Rate
TAS 23 Borrowing Costs
TAS 24 Related Party Disclosures
TAS 26 Accounting and Reporting by Retirement Benefit Plans
TAS 27 Consolidated and Separate Financial Statements
TAS 28 Investments in Associates
TAS 29 Financial Reporting in Hyperinflationary Economics
TAS 33 Earnings Per Share
TAS 34 Interim Financial Reporting
TAS 36 Impairment of Assets
TAS 37 Provisions, Contingent Liabilities and Contingent Assets
TAS 38 Intangible Assets
TAS 40 Investment Property
TAS 41 Agriculture
No. Thai Financial Reporting Standards
TFRS 2 Share – Based Payments
TFRS 3 Business Combinations
TFRS 4 Insurance Contracts
TFRS 5 Non-current Assets Held for Sale and Discontinued Operations
TFRS 6 Exploration for and Evaluation of Mineral Resources
TFRS 8 Operating Segments
TFRS 10 Consolidated Financial Statements
TFRS 11 Joint Arrangements
TFRS 12 Disclosures of Interests in Other Entities
TFRS 13 Fair Value Measurement
TFRS for NPAEs Thai Financial Reporting Standard for Non-Publicly Accountable Entities – NPAEs
No. Old Thai Accounting Standards whose numbers were changed that are still in use
101 Doubtful Debts and Bad Debts
103 Disclosures in the Financial Statements of Bank and Similar Financial Institutions
104 Accounting for Troubled Debt Restructurings
105 Accounting for Certain Investments in Debts and Equity Securities
106 Accounting for Investment Companies
107 Financial Instruments: Disclosure and Presentation