Thai Accounting Standards are issued by the Federation of Accounting Professions (FAP) which was established in 2004.
Before the establishment of the FAP, accounting standards in Thailand were issued by the Institute of Certified Accountants and Auditors of Thailand (ICAAT).
Currently, there are a total of 57 accounting standards. Of those issued, 31 standards are currently effective, four standards are not yet required by Thai law, and 22 standards have been superseded. Also, there are nine accounting standards interpretations, four of which are required by law.
Under the Accountancy Act B.E. 2543, Thai Accounting Standards (TAS) must be approved by the Ministry of Commerce in Thailand (MOC) and placed into law before companies are required to adopt such standards.
Here is a handy summary of Deloitte Touche Tohmatsu Jaiyos (Thailand) on comparing IFRS and GAAP in the Kingdom of Thailand:
This 59-page PDF (9,283k) booklet
- Describes the different sources of GAAP in the Kingdom of Thailand
- Analyses the process for issuing Thai Accounting Standards (TAS)
- Distinguishes between existing TAS that has been approved by the Federation of Accounting Professions and those that have become effective by approval by the Board of Supervision and publication in the Royal Gazette
- Identifies those TAS from which non-public limited companies may elect to be exempted
- Details out some of the critical differences between TAS and IFRSs on 31 March 2008
- Outlines the plans for convergence of Thai Accounting Standards IFRSs