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.
IFRS Foundation Launches eIFRS Web Application.
In September, the International Financial Reporting Standards (IFRS) Foundation launched a new web application. This is a beta release that is available for all registered users.
Thai GAAP and IFRS Convergence – Status Update
The Federation of Accounting Professions in Thailand (“FAP”) and Thai Securities and Exchange Commission (“SEC”) is following a program to converge Thai Accounting Standards (“TAS”) with International Financial Reporting Standards (“IFRS”).
Accounting Guidelines for Financial Instruments
The Federation of Accounting Professions (“FAP”), with reference to International Financial Reporting Standards (“IFRS”) is currently preparing five accounting guidelines on financial instruments.
Guidelines for Issuing Credit and Debit Notes
Credit and debit notes must be prepared in compliance with the Revenue Code because they are reported in the monthly VAT returns. This summary is to help companies understand how to correctly issue an accounting record that is frequently misused.
Real Estate Construction
An agreement for the construction of real estate meets the definition of a construction contract (IAS 11) when the buyer is able to specify the major structural elements of the design of the real estate before construction begins and/or specify major structural changes once construction is in progress (whether or not it exercises that ability).