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 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.
IASB 2014 Work Plan
Under the International Accounting Standards Board (‘IASB’) work plan, 2014 should see the conclusion of two major projects which were launched several years ago: revenue recognition and the impairment of financial assets.
IFRS Amendments Effective from 1 January 2014
Prepares of financial statements should be aware that there are several International Financial Reporting Standards (‘IFRS’) which will be effective from 1 January 2014.
Costs of Conducting Business in a New Location
An entity has moved its machines and factory equipment to a new location. How should the entity record the cost of conducting business in a new location?
Thai Financial Reporting Standards for SMEs
As previously reported, the Federation of Accounting Professions (“FAP”) is currently preparing new accounting standards in accordance with International Financial Reporting Standards for Small and Medium-sized Entities (2009).