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.
Change of Accounting Framework
The TFRS for NPAEs is the set of rules most commonly used by non-listed companies in Thailand. However, non-listed companies can also choose to use the TFRS for external reporting purposes, as the International Financial Reporting Standards have been incorporated into the TFRS.
Recognition of research and development costs for software and website
On 1 January 2022, Company A invested in research and development for a customer relationship management (“CRM”) system and website project.
Revision of Thai Financial Reporting Standards for Non-publicly Accountable Entities became effective on 1 January 2023
In November 2022, the Federation of Accounting Professions (“TFAC”) issued the revised Thai Financial Reporting Standards for Non-publicly Accountable Entities, referred to as “TFRS for NPAEs (revised 2022)”.
Recognizing a government subsidy to SMEs for COVID-19
On 19 October 2021, the Cabinet approved a COVID-19 subsidy for small and medium enterprises (“SMEs") registered in the Social Security system. SMEs are companies with no more than THB 5 million in share capital, and gross income of no more than THB 30 million in any accounting year. The subsidy was THB 3,000 per employee monthly for three months, from November 2021 to January 2022.
Declaring and paying dividends
A dividend is the distribution of profits to a company’s shareholders – a portion of the profits earned and allocated as payable to shareholders when declared.