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.
Revised and Amended Thai Financial Reporting Standards (“TFRS”) and Thai Accounting Standards (“TAS”)
Currently, the Thailand Federation of Accounting Professions (“TFAC”) stated that the Technical Committee is in the process of revising and amending TFRS and TAS. These standards will be translated based on the International Financial Reporting Standards 2023, and the revised and amended TFRS and TAS will become effective in Thailand for annual reporting periods beginning on or after 1 January 2024.
Amortization of goodwill arising from an acquisition
In the past, the previous version of the Thai Financial Reporting Standards for Non-publicly Accountable Entities (“TFRS for NPAEs”) did not provide guidelines on transactions related to business combinations or on goodwill arising from an acquisition.
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)”.