Accounting Section - Doing Business
Explore a series of summaries providing an overview of useful accounting regulations, processes and accounting issues for doing business in Thailand.
Changes to Amortisation of Goodwill under TFRS for NPAEs
The Thai Financial Reporting Standards for Non-Publicly Accountable Entities (TFRS for NPAEs) were revised in 2022, bringing about significant changes to the accounting treatment of goodwill.
Enhancing Financial Clarity: TAS 1 Revised
The first article, ‘Presentation of Financial Statements’ (“TAS 1”), of the Thai Accounting Standards (“TAS”) was revised in 2023.
Understanding agricultural accounting for NPAEs
Understanding agricultural accounting for NPAEs
Contingent assets: Compensation from insurance companies
The definition and accounting treatment of contingent assets have been newly introduced in the most recent version of the Thai Financial Reporting Standards for Non-publicly Accountable Entities (TFRS for NPAEs) (Revised 2022). To determine the appropriate recording of compensation from insurance companies, adherence to the guidelines outlined in the TFRS for NPAEs is essential.
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: