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.
Capitalising Further Expenditure
What is the accounting treatment when an entity incurs further costs on existing fixed assets? When should it be expensed, and when can it be capitalized?
Recording expenditures for a start-up company
Many investors incur expenditure before the company is incorporated. How to account for such costs frequently raises questions as to the appropriate treatment. We take a closer look.
Using a Functional Currency
In many countries entities are required to present their financial statements in the functional currency. However, entities in Thailand which apply TFRS for NPAEs are required to use Thai Baht. What happens if an entity needs to prepare its financial statements in a currency other than Thai Baht? What are the options and what is the impact for both the financial reporting and tax?
Accounting for debt forgiveness
In 2017, Company A had a debt totalling THB 2,800,000 forgiven by Company Z, a major shareholder of Company A.
Accounting for the employee benefits obligation
The amended Labour Protection Act, which became effective on 1 September 2017, states that employers may set the retirement age for employees, or an employer and employee may make an agreement on the retirement age, or employee representatives may make a collective agreement on the retirement age. Retirement at the set age will be considered termination of employment.