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.
TFRS 15 – Revenue from contracts with customers
A new Thai Financial Reporting Standard, TFRS 15, ‘Revenue from contracts with customers’, has been issued and applies to accounting periods beginning on or after 1 January 2019.
Recognition of Investment Property
Paragraph 198 of the Thai Financial Reporting Standards for Non-Publicly Accountable Entities (TFRS for NPAEs) states:
Treatment of rental property income and expense
In its May 2019 newsletter, the Thailand Federation of Accounting Professions (“TFAC”) issued a statement saying that the Revenue Department (RD) issued Departmental Regulation No. Tor. Por. 299/2561 to amend Clause 3.4 of Departmental Order No. Tor. Por. 1/2528. The objective of Tor. Por. 299/2561 is to eliminate differences between the recognition of revenue from and expenses for a rental property for accounting and tax purposes, for both the lessor and the lessee of the property.
Guidance on Revenue from Contracts with Customers
TFRS 15, “Revenue from Contracts with Customers”, is now effective (for periods beginning on or after 1 January 2018, with earlier adoption permitted).
TFRIC 22: Foreign Currency Transactions
In its March 2019 newsletter, the Thailand Federation of Accounting Professions (“TFAC”) issued its interpretation of the accounting treatment of foreign currency transactions, including the payment or receipt of advance consideration, as set out in TFRIC 22, “Foreign Currency Transactions and Advance Consideration”, and included several examples.