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
In May 2014, the International Accounting Standards Board (“IASB”) published a new standard, IFRS 15 “Revenue from contracts with customers” which was jointly issued by the IASB and the Financial Accounting Standards Board (“FASB”).
Recognition of Corporate Income Tax
The Thai Ministry of Finance issued a notification on 6 June 2016 extending the deadline for filing a tax return for companies which receive investment promotional privileges from the Board of Investment of Thailand, but which do not set off tax losses incurred for BOI projects against taxable profits of other BOI projects that arise in the same accounting period to derive an overall net taxable profit and loss for the BOI projects.
Hedge Accounting
In regard to the standards for financial instruments, the Federation of Accounting Professions (“FAP”) plans to translate and adopt a new accounting standard in 2019.
TFRS for SMEs
Currently, the Federation of Accounting Professions (“FAP”) is in the process of translating and publishing new accounting standards for small and medium-sized entities which are based on IFRS for SMES, as amended in 2015.
Correcting Errors in Financial Statements
The Federation of Accounting Professions has released the following guidance on correcting errors in accounting for prior accounting transactions that a company did not recognize in the financial statements, for entrepreneurs, accountants, and auditors issuing a single set of financial statements: