Accounting Standards in Thailand are issued by the Federation of Accounting Professions (FAP) which was established in 2004. Prior to the establishment of the FAP, accounting standards were issued by 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31 standards are currently effective, four standards are not yet required by Thai law, and 22 standards have been superseded. In addition, 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.
Deloitte Touche Tohmatsu Jaiyos (Thailand) has published IFRS and GAAP in the Kingdom of Thailand (PDF 9,283k). This 59-page booklet:
- Explains the various sources of GAAP in the Kingdom of Thailand
- Reviews the process for issuing Thai Accounting Standards (TAS)
- Distinguishes between existing TAS that have 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
- Sets out some of the key differences between TAS and IFRSs at 31 March 2008
- Summarizes the plans for convergence of TAS and IFRSs