Change of Thai terms in Financial Statements
Keywords: Mazars, Thailand, Accounting, Financial Statements, TFRS, NPAE
Terms | Previous version | Revised version |
Statement of financial position | งบแสดงฐานะการเงิน | งบฐานะการเงิน |
Statement of changes in equity | งบแสดงการเปลี่ยนแปลงส่วนของเจ้าของ | งบการเปลี่ยนแปลงส่วนของเจ้าของ |
Expense by nature | ค่าใช้จ่ายตามลักษณะ | ค่าใช้จ่ายตามธรรมชาติ |
As set out in the article published by the Thai Federation of Accounting Professions on 8 December 2023, the Thai terms in the revised Thai Financial Reporting Standards for Non-publicly Accountable Entities (TFRS for NPAEs) remain unchanged. As the TFRS for NPAEs are specific to Thailand and the meaning of both the previous and revised versions do not differ significantly, NPAEs can use either the previous or revised Thai terms. This approach acknowledges the compatibility of both versions and provides clarity for NPAEs preparing their financial statements. However, changes to terms in the TFRS for NPAEs may be considered in the future, and entities are encouraged to stay informed of any updates or changes in accounting standards.
Reference: TFAC article published on 8 December 2023.