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.
Exposure Draft of Amendments to IAS 1
On 25 March 2014, the International Accounting Standards Board (“IASB”) published an exposure draft entitled “Disclosure Initiative – Proposed amendments to IAS 1”, which is open for comment until 23 July 2014. This publication forms part of a wider project on disclosures in the notes to IFRS financial statements.
Accounting for a Stock Dividend
The Federation of Accounting Professions (“FAP”) issued Notification No.15/2557 regarding the accounting guideline for recognition of a stock payment made in the form of additional shares.
IFRS/US GAAP Convergence on Financial Instruments
Plenary meetings in December 2013 and January 2014 saw the US standard-setter (“FASB”) reverse the decisions made last year on the classification of financial assets.
IASB Revised Amendments to IAS 16 and IAS 38
In December 2012, the IASB published for comment the Exposure Draft ED/2012/5 Clarification of Acceptable Methods of Depreciation and Amortisation (proposed amendments to IAS 16 and IAS 38). This Exposure Draft stated that a method that uses revenue generated from an activity that includes the use of an asset is not an appropriate depreciation / amortisation method.
TFRS Effective After 1 January 2014
The Federation of Accounting Professions (“FAP”) has finalised revising Thai Financial Reporting Standards, including: Thai Financial Reporting Standards (“TFRS”), Thai Accounting Standards (“TAS”), Thai Financial Reporting Interpretations Committee (“TFRIC”) and Thai Standing Interpretations Committee (“SIC”) in accordance with International Financial Standards (“IFRS”) Bound Volume 2012.