Revised and amended TFRS and TAS

In its 2021 newsletter, the Federation of Accounting Professions (“FAP”) stated that the Committee of the FAP revised and amended the TFRS and TAS, including the following:

Keywords: Mazars, Thailand, Accounting, TFRS, TAS, FAP, Government Gazette

5 April 2021

Revising / Amendments	TAS and TFRS affected
Revised conceptual framework for financial reporting	TAS 1, TAS 8, TAS 34, TAS 37, TAS 38, TFRS 2, TFRS 3, TFRS 6, TFRIC 12, TFRIC 19, TFRIC 20, TFRIC 22, TSIC 32
Amendment of definition of a business	TFRS 3
Amendment of definition of material	TAS 1, TAS 8, TAS 10, TAS 34, TAS 37
Amendment of interest rate benchmark reform	TFRS 7, TFRS 9, Guidance for insurance

These standards are translated based on the bound volume of International Financial Reporting Standards for 2020, and the revised and amended TFRS and TAS have been announced in the Government Gazette in September 2020 and which became effective in Thailand for annual reporting periods beginning on or after 1 January 2021.

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.

References:

First article: TFAC dated 7 January 2021

Second article: TFAC dated 5 February 2021