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.
Accounting treatment of compensation from insurance for bad debts under TFRS for NPAEs
When a company in Thailand incurs bad debt, but its headquarters (“HQ”) in another country holds an insurance policy that covers such losses, the HQ may claim the insurance and transfer the compensation to the Thai entity. This raises accounting issues under Thai Financial Reporting Standards for Non-Publicly Accountable Entities (“TFRS for NPAEs”).
Data centres in Thailand: powering the digital future
Digital transformation, cloud computing, artificial intelligence, and the Internet of Things are all significant factors driving the robust demand for data centres. KKR, a global investment firm, anticipates global data centre spending to reach USD 250 billion annually.
BOI revises requirements to apply for corporate income tax incentives
The Board of Investment (BOI) issued Announcement No. P. 11/2567, effective 20 December 2024, which made significant changes to the requirements for claiming corporate income tax exemptions. These changes are designed to match the reporting framework set out in the revised Standard on Related Services 4400 (TSRS 4400).
IAS 29 Hyperinflation reporting alert: December 2024
The World Economic Forum’s latest 2024 report shows changes in the list of countries suffering hyperinflation. Most notably, Laos has joined the list of countries requiring the application of IAS 29. This addition is particularly relevant for Thai businesses with operations in neighbouring countries.
Climate change considerations in Financial Reporting Standards
As climate change continues to impact business operations globally, organisations must carefully consider its effects on their financial reporting. This article examines various Thai Financial Reporting Standards (TFRS) and their application to climate-related issues in financial statements.