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.
Reclassification of loans repayable on demand
If a company defaults on repayment of a long-term loan during the fiscal year, such a loan will automatically be converted to a loan to be paid back on demand.
FAP update
The FAP elected a new president and management team in June 2017. Furthermore, it has issued certain policies that will be of benefit to accounting professionals and FAP members.
How to present goodwill in financial statements
Paragraph 188 of the Thai Financial Reporting Standards for Non-Publicly Accountable Entities (“TFRS for NPAEs”) indicates that goodwill is not an intangible asset. Therefore, goodwill cannot be recognized and presented as an intangible asset in the financial statements.
ASEAN CPA Registration in Thailand
The April 2017 issue of the newsletter of the Federation of Accounting Professions (“FAP”) set out the qualifications needed to register as an ASEAN Chartered Professional Accountant (ASEAN CPA), which are as follows:
ASEAN CPA
The ASEAN Coordinating Committee on Services (CCS), which meets every 3 to 4 months, held its 86th session in Indonesia from 30 January through 4 February 2017 to discuss the ASEAN Mutual Recognition Arrangement (MRA) for professions such as engineers, architects, and doctors, among others.