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.
Accounting for Leases
The International Accounting Standards Board (responsible for IFRS) and the Financial Accounting Standards Board (responsible for US GAAP) (“the Boards”) are working on a joint project to revise the accounting for operating leases. In their initial exposure draft, the Boards recognised the ‘right-of-use model’.
Employee Benefit Obligation
Is an Entity Required to Provide for an Employee Benefit Obligation? Yes. TFRS for NPAEs requires an entity to recognise its obligation for employee benefits, using the “best estimate method” of calculating the provision required to settle the present obligation as at the end of the reporting period.
FAP to Improve Business System Development
It has been recognised by the Thai Federation of Accounts Professions (‘FAP’), that there is still a shortage of professionals with experience in business system development.
Latest Thai Accounting Standards
On 17 January 2013, Notifications No. 30/2555, 31/2555, 32/2555, 33/2555 and 34/2555 relating to the Interpretation of TFRSs and accounting guidance issued by the Federation of Accounting Professions (‘FAP’) were promulgated in the Royal Gazette as follows:
The Outlook for Thai Financial Reporting Standards
The Federation of Accounting Professions (FAP) has been considering to develop a new set of accounting standards by following the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs).