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31 standards are currently effective, four standards are not yet required by Thai law, and 22 standards have been superseded.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
ThaiVest is a free online resource and community for anybody living or wishing to live in Thailand aiming at being financially independent.
ThaiVest covers the following topics:
Please note that Thailand’s rules and regulations are constantly changing and it is vital that you check with the Thai Authorities for updated information. Disclaimer: We do not take any responsibility for the accuracy and correctness of any information provided on Thaivest.com.
A reminder when you look at #thaistocks today: "Be fearful when others are greedy and greedy when others are fearful" - Warren Buffet.Jul 9, 2021
There's no such thing as entitlement, unless someone has first met an obligation. - Margaret Thatcher #quote… https://t.co/Gb7g40JSuPMay 18, 2021