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.
Changes in the useful lives of fixed assets
This article looks at calculating the depreciation on a fixed asset when the useful life changes and how to appropriately account for those changes.
Recognition of a restructuring provision
As the effects of the COVID-19 pandemic continue to be felt around the world, many companies need to adjust their operations and make some longer-term changes to business plans. Some companies may consider downsizing or discontinuing specific operations, while other companies may plan to explore a new business opportunity. All of these may lead to restructuring.
Accounting for sales with a right of return
Many companies allow customers to return goods for any reason within a specified timeframe, even after the goods have been transferred to the customer. A right to return may be given for various reasons, such as customer dissatisfaction with the product or the fact that the customer changed his mind.
Revaluation to be allowed under TFRS for NPAEs
As a result of the COVID-19 pandemic, the Federation of Accounting Professions (TFAC) has evaluated the effect that it might have on non-publicly accountable entities. One issue that TFAC is aware of is the accounting principles for recognizing property, plant, and equipment, as well as investment property as assets under the Thai Financial Reporting Standards for Non-Publicly Accountable Entities (“TFRS for NPAEs”).
Exposure Draft of Thai Standards on Auditing 540
On 24 January 2020, The Federation of Accounting Professions (“TFAC”) released the exposure draft (“ED”) of Thai Standard on Auditing (“TSA”) 540 (revised) for public hearing and comments.