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31 standards are currently effective, four standards are not yet required by Thai law, and 22 standards have been superseded.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
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