Notification on amendments to the Thai Financial Reporting Standards

The Federation of Accounting Professions issued a notification on amendments to the Thai Financial Reporting Standards (“TFRS”), which was published in the Royal Gazette on 22 December 2021.

Keywords: Mazars, Thailand, Accounting, TFRS, TAS

9 March 2022

The changes include the following:

TFRS affected	The objective of the amendmentof the TFRS
TFRS 1, “First-time Adoption of Thai Financial Reporting Standards”	This standard is translated based on the bound volume of International Financial Reporting Standards (Bound Volume 2021 Consolidated without early application). The amendments affect: Paragraphs 29 and 29 (a) related to the designation of financial assets or financial liabilities; Appendix B, “Exceptions to the retroactive application of other TFRS”, related to derecognition of financial assets and financial liabilities, hedge accounting, non-controlling interests and the classification and measurement of financial instruments; and Appendix D, “Exemptions from other TFRS”, related to compound financial instruments, the designation of previously recognized financial instruments, and the fair-value measurement of financial assets or financial liabilities at initial recognition, respectively.
TFRS 1, “First-time Adoption of Thai Financial Reporting Standards”	The amendments to TFRS 1 have been modified to align with the first-time adoption of TFRS 9, “Financial Instruments”, and TAS 32, “Financial Instruments: Presentation”, in Thailand for the annual reporting periods beginning on or after 1 January 2020.
TFRS 6, “Exploration for and Evaluation of Mineral Resources”	This standard is translated based on the bound volume of International Financial Reporting Standards (Bound Volume 2021 Consolidated without early application). Nothing has been amended in this standard.

The amended TFRS were published in the Government Gazette on 22 December 2021 and became effective in Thailand for annual reporting periods beginning on or after 1 January 2022.

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 details (in Thai language only), please refer to “Notification regarding the amendments to the Thai Financial Reporting Standards”, published 3 December 2021.

References:

TFAC announcement (Issue 1) dated on 3 December 2021

TFAC announcement (Issue 6) dated on 3 December 2021