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.
Shipping Terms and Revenue Recognition
Many companies will ship goods to customers either in Thailand or overseas using International Commercial Terms (“Incoterms”).
Accounting for Testing Costs
How should a ‘Company’ record testing costs in its financial statements?
A Company is setting up a new manufacturing facility in Thailand. The Company has invested in machines and equipment for the plant is currently in the trial run or testing stage and testing costs are being incurred.
A Company is setting up a new manufacturing facility in Thailand. The Company has invested in machines and equipment for the plant is currently in the trial run or testing stage and testing costs are being incurred.
Estimated Decommissioning Costs
Under TFRS for NPAEs paragraph 127, the cost of an item of property, plant and equipment includes an estimated cost of dismantling and removing the asset and restoring the site. Such cost will be recognised as both an asset and liability in the financial statements.
TFRS Exposure Drafts Released
On 27 October 2014, the Federation of Accounting Professions released the first exposure drafts of Thai Financial Reporting Standards (‘TFRS’) for public hearing and comment.
Thailand Financial Reporting Standards Roadmap
The Federation of Accounting Profession (‘FAP’) Committee has considered and approved a roadmap to develop Thai Financial Reporting Standards (‘TFRS’) in line with International Financial Reporting Standards (‘IFRS’).