New TFRS on Financial Instruments
Keywords: Mazars, Thailand, Accounting, TFRS, FAP, TAS, TFRIC, Thai Financial Reporting Standards
16 November 2018
References | Topics |
TFRS 7 | Financial Instruments: Disclosures |
TFRS 9 | Financial Instruments |
TAS 32 | Financial Instruments: Presentation |
TFRIC 16 | Hedges of a Net Investment in a Foreign Operation |
TFRIC 19 | Extinguishing Financial Liabilities with Equity Instruments |
These standards are translated based on the International Financial Reporting Standards (“IFRS”) Blue Book for 2018, and will be effective in Thailand for annual reporting periods beginning on or after 1 January 2020.
When the new standards are officially announced and become effective in Thailand, the current accounting standards, Thailand accounting guidance and interpretations listed below will be cancelled:
References | Topics |
TAS 101 | Doubtful Accounts and Bad Debts |
TAS 103 | Disclosures in the Financial Statements of Banks and Similar Financial Institutions |
TAS 104 (revised 2016) | Accounting for Troubled Debt Restructuring
|
TAS 105 (revised 2016) | Accounting for Investments in Debt and Equity Securities |
TAS 106 | Accounting for Investment Entities |
TAS 107 (revised 2016) | Financial Instruments Disclosure and Presentation |
Thailand Accounting Guidance: Derecognition | Derecognition of financial assets and financial liabilities |
Thailand Accounting Guidance: Insurance. FVTPL | Insurance business to designation of financial instruments at fair value through profit or loss |
Thai Interpretation (TI – 9) | Assets Transferred by Debtors for Debt Settlement |
Currently, these standards apply only to listed or regulated companies reporting under full TFRS. If smaller entities or non-publicly accountable entities would like to adopt these standards early, they must adopt and apply the full set of TFRS for Publicly Accountable Entities.
For more information, please visit the FAP website.