Thailand Thailand is included in the IFAD GAAP Convergence Studies National Professional Organisation Website: Institute of Certified Accountants and Auditors of Thailand Response to IFAC Member Body Survey on Standard Setting and Regulation Update for May 2008 Update for April 2007 Update for February 2007 Update for September 2006 Update for November 2005 Update for May 2005 Update for January 2005 Update for October 2003 Update for January 2003 Update for October 2002 Update for April 2002 Update for January 2002 Update for October 2001 Update for July 2001 Update for March 2001 Update for October 2000 Bangkok: Financial Reporting Framework in Thailand (updated September 2009) 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). Listed companies The FAP has announced a plan to fully adopt IFRSs as the Thai GAAP for the fifty actively trading listed companies in the Stock Exchange of Thailand (SET 50) in 2011. Thereafter, full adoption of IFRSs by SET 100 are planned for 2013. The rest of the listed companies and the companies listed in the Market Alternative Investment (MAI) have to fully adopt IFRSs in 2015. The IASs and IFRSs that will be fully applied to all listed companies as mentioned are those published in the first bound volume 2009 (IFRS 2008). Non-listed companies For the non-listed companies, FAP plans to issue TASs and TFRSs that are equivalent to the IASs and IFRSs version 2006 (IFRS 2006) to be applied in 2011. However, the FAP may issue its notification to provide exemption for some TASs and TFRSs that are too difficult to be applied by the non-public companies. Deloitte Southeast Asia Financial Reporting Newsletter The Deloitte Southeast Asia (SEA) Assurance & Advisory Services Group has published the inaugural issue of a newsletter focussing on financial reporting issues from a Southeast Asia perspective. This newsletter is a collaborative effort among the Deloitte member firms operating in Brunei, Guam, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The newsletter brings together recent updates on financial reporting developments both internationally and within the region, and features topical matters that would be of interest to our clients and our professionals. Many of our clients have asked for more information about the implications from recent pronouncements, industry-specific accounting issues, and differences between IFRSs and local GAAP. This newsletter is directed towards meeting these requests. You can access the newsletter on our Point of View Page. May 2008: Comparison of IFRSs and Thailand GAAP 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 Summarises the plans for convergence of TAS and IFRSs April 2007 Update Accounting Standards in Thailand are issued by the Federation of Accounting Professions (FAP) which was established in 2004. The FAP has issued the following draft guidelines: Accounting for Derivatives and Embedded Derivatives Accounting for Securitisations The FAP had issued exposure drafts which would revise existing TAS to conform with International Financial Reporting Standards (IFRSs): TAS No. 29 Leases (IAS 17) TAS No. 31 Inventories (IAS 2) TAS No. 32 Property, Plant and Equipment (IAS 16) TAS No. 35 Presentation of Financial Statements (IAS 1) TAS No. 36 Impairment of Assets (IAS 36) TAS No. 44 Consolidated and Separate Financial Statements (IAS 27) TAS No. 45 Investments in Associates (IAS 28) TAS No. 46 Interests in Joint Ventures (IAS 31) TAS No. 47 Related Party Disclosures (IAS 24) TAS No. 51 Intangible Assets (IAS 38) TAS No. 55 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) TAS No. 57 Agriculture (IAS 41) The FAP has also issued an exposure draft accounting standard that covers investment property, based on IAS No. 40. February 2007 Update Accounting Standards in Thailand are issued by the Federation of Accounting Professions (FAP), which was established in 2004. Minor revisions were made to the following Thai Accounting Standards (TAS) during 2006: TAS No. 52 Events after the Balance Sheet Date TAS No. 27 Disclosure of Information in Banks and Financial Institutions' Financial Statements TAS No. 32 Property, Plant and Equipment TAS No. 44 Accounting for Investments in Subsidiary and Associated Companies The FAP also issued the following draft guidelines: Accounting for Derivatives and Embedded Derivatives Accounting for Securitization As of December 31, 2006, the FAP had issued exposure drafts which would revise existing TAS to conform with International Financial Reporting Standards (IFRS): TAS No. 29 Leases (IAS 17) TAS No. 31 Inventories (IAS 2) TAS No. 32 Property, Plant and Equipment (IAS 16) TAS No. 35 Presentation of Financial Statements (IAS 1) TAS No. 36 Impairment of Assets (IAS 36) TAS No. 44 Consolidated and Separate Financial Statements (IAS 27) TAS No. 45 Investments in Associates (IAS 28) TAS No. 46 Interests in Joint Ventures (IAS 31) TAS No. 47 Related Party Disclosures (IAS 24) TAS No. 51 Intangible Assets (IAS 38) TAS No. 55 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) TAS No. 57 Agriculture (IAS 41) Prior to 31 December 2006, the FAP had also issued an exposure draft accounting standard which covers Investment Property based on IAS No. 40. September 2006 Update A panel was established in Thailand in August 2006 to study and express opinions on International Financial Reporting Standards and International Standards on Auditing. The panel comprises regulators, representatives of the accounting and auditing profession, and academics. It is chaired by Mr Thirachai Phuvanatnaranubala, Secretary-General of the Securities and Exchange Commission of Thailand. May 2005 Update The Institute of Certified Accountants and Auditors of Thailand (ICAAT) has been reorganised and renamed the Federation of Accounting Professions. FAP Website (currently Thai language only). January 2005 Update The Institute of Certified Accountants and Auditors of Thailand (ICAAT) has issued a total of 57 accounting standards. Of those issued, 28 standards are currently effective, seven 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. The ICAAT has drafted revisions to TAS No. 40 Accounting for Investments in Debt and Equity Securities, TAS No. 44 Consolidated and Separate Financial Statements, TAS No. 45 Investments in Associates, and TAS No. 46 Interests in Joint Ventures. The proposed revisions to TAS No. 40 Accounting for Investments in Debt and Equity Securities would make the Standard more consistent with IAS No. 39 Financial Instruments: Recognition and Measurement. The proposed significant revisions to TAS No. 40 are as follows: Amended definitions of securities for trading, held-to-maturity debt securities and available-for-sale securities. Guidance that would prohibit an entity from classifying any debt securities as held-to-maturity if the entity has, during the current financial year or during the two preceding financial years, sold or reclassified more than an insignificant amount of held-to-maturity debt securities, in relation to the total amount of held-to-maturity debt securities, before maturity. Clarifying guidance for determining whether an investment is considered to be impaired and additional guidance regarding the accounting for the securities transferred between investment classifications. The proposed revisions to TAS 44 Consolidated and Separate Financial Statements would make the Standard more consistent with IAS No. 27. The major proposed revisions to TAS 44 are as follows: Revised scope of application. Amended the definitions of consolidated financial statements, cost method, a group, minority interest, a parent and separate financial statements. Revised requirements regarding the presentation of consolidated financial statements. Revised criteria for determining whether the financial statements of an entity should be included in consolidated financial statements for financial reporting purposes. The financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial statements must be prepared as of the same reporting date unless it is impracticable to do so. Investments in subsidiaries, jointly controlled entities and associates in the separate financial statements would be required to be accounted for at cost or in accordance with TAS No. 40. The proposed revision would also require additional related footnote disclosures. The proposed revisions to TAS No. 45 Investments in Associates would make the Standard more consistent with IAS No. 28 Investments in Associates. The proposed revisions to the Standard are as follows: The scope of the Standard would be modified; whereby, the Standard would not apply to venture capital organizations, mutual funds, unit trusts and similar entities including investment - linked insurance funds. The definitions of associates, consolidated financial statements, equity method, joint control, separate financial statements, significant influence and subsidiary used in the Standard would be revised. The proposed revision would change the guidance in determining significant influence to include consideration of potential voting rights. The requirement relating to the equity method and the application of the equity method would be amended. The proposed revision would require the consideration of impairment losses to be in accordance with the methodology applied in TAS 40 Accounting for Investments in Debt and Equity Securities. The proposed revisions would amend the method of preparation of the separate financial statements to comply with TAS No. 44, Consolidated and Separate Financial Statements. The proposed revisions to TAS No. 46 Interests in Joint Ventures would make the Standard more consistent with IAS No. 31 (Revised 2003). The proposed significant revisions to the Standard are as follows: The Standard would not apply to investments in jointly controlled entity held by venture capital organizations, mutual funds, unit trusts and similar entities. The Standard would contain exemptions from application of proportionate consolidation or the equity method similar to those provided for certain parent companies not to prepare consolidated financial statements. The Standard would be modified; whereby, investments to be disposed of in the near future, the words 'in the near future' would be replaced with the words 'within twelve months'. Furthermore, the proposed revisions would require that a venturer that continues to have joint control of an interest in a joint venture, which is operating under severe long-term restrictions, to apply proportionate consolidation or the equity method unless the joint control is lost. The preparation of the separate financial statements must be in accordance with TAS No. 44 (Revised 2004) Consolidated and Separate Financial Statements. The proposed revisions would amend current disclosure requirements. October 2003 Update The Institute of Certified Accountants and Auditors of Thailand (ICAAT) has issued a total of 56 accounting standards of which 29 standards are currently effective, nine standards are not yet required by Thai law, and 18 standards have been superseded. Under the Accountancy Act B.E. 254, 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. In December 2001, the ICAAT issued an announcement that exempted non-public companies from adopting the following accounting standards: TAS 24 Segment Reporting TAS 25 Cash Flows TAS 36 Impairment TAS 44 Consolidation TAS 45 Equity Accounting TAS 47 Related Parties TAS 48 Financial Instruments Non-public companies at their option may elect to voluntarily adopt these accounting standards for financial reporting purposes. The Department of Commercial Registration has introduced new formats for financial statements under the Accountancy Act. These new formats are effective for accounting periods subsequent to December 31, 2001. TAS No. 34, Trouble Debt Restructuring, and TAS No. 49, Construction Contracts, were revised and issued at the end of 2002. TAS No. 49 is based on IAS No. 11, Construction Contracts. TAS No. 46, Financial Reporting of Interests in Joint Ventures, was also revised in 2003. These revised TAS have been legally adopted under the Thai Accountancy Act. During 2002, the ICAAT issued a draft accounting standard relating to agriculture. The exposure draft was based on IAS No. 41, Agriculture. The ICAAT has also drafted guidelines relating to securities borrowing and lending activities, and short sales of securities. The draft guidelines were based on TAS 36, and the US Statement of Financial Accounting Standards (SFAS) 15, Accounting by Debtors and Creditors for Troubled Debt Restructurings, and SFAS 114, Accounting by Creditors for Impairment of a Loan. January 2003 Update The Institute of Certified Accountants and Auditors of Thailand (ICAAT) has issued a total of 56 accounting standards of which 29 standards are currently effective, 9 standards are not yet required by Thai law, and 18 standards have been superseded. Under the Accountancy Act B.E. 25434, 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. In December 2001, the ICAAT issued an announcement that exempted non-public companies from adopting the following accounting standards: TAS 24 Segment Reporting TAS 25 Cash Flows TAS 36 Impairment TAS 44 Consolidation TAS 45 Equity Accounting TAS 47 Related Parties TAS 48 Financial Instruments Non-public companies at their option may elect to voluntarily adopt these accounting standards for financial reporting purposes. The Department of Commercial Registration has introduced new formats for financial statements under the Accountancy Act. These new formats are effective for accounting periods subsequent to December 31, 2001. The Board of Supervision of Audit Practices has requested that the ICAAT, the Securities and Exchange Commission (SEC), and the Bank of Thailand (BOT) work together to issue clarifications regarding TAS No. 34, Troubled Debt Restructuring, and the SEC's proposals to use fair value of collateral as the recoverable value of debt restructured, the usage of the cost of funds as the discount rate used to present value future cash flows, and as an alternative allow reporting entities to use the original contract rate as a discount rate. Although, the TAS No. 34 was effective as of January 1, 2002, legal adoption of this accounting standard under the Accountancy Act that was scheduled for September 1, 2002 has not been finalised. During 2002, the ICAAT issued a draft accounting standard relating to Agriculture. The exposure draft was based on IAS No. 41, Agriculture. The ICAAT has also drafted guidelines relating to securities borrowing and lending activities and short sales of securities. The draft guidelines were based on TAS 36, and on FASB Statements of Financial Accounting Standards (SFAS) No. 15, Accounting by Debtors and Creditors for Troubled Debt Restructurings, and No. 114, Accounting by Creditors for Impairment of a Loan. October 2002 Update The Institute of Certified Accountants and Auditors of Thailand (ICAAT) has issued a total of 56 accounting standards. Of those, 29 standards are currently effective, nine standards are not yet required by Thai law, and 18 standards have been superseded. In addition, there are eight accounting 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. In December 2001, the ICAAT issued an announcement that exempted non-public companies from adopting the following accounting standards: TAS 24 Segment Reporting TAS 25 Cash Flow Statements TAS 36 Impairment of Assets TAS 44 Consolidated Financial Statements and Accounting for Investments in Subsidiaries TAS 45 Accounting for Investments in Associates TAS 47 Related Party Disclosures TAS 48 Financial Instruments: Disclosure and Presentation Non-public companies at their option may elect voluntarily to adopt these accounting standards for financial reporting purposes. The Department of Commercial Registration has introduced new formats for financial statements under the Accountancy Act. These new formats are effective for accounting periods subsequent to December 31, 2001 for five types of legal entities. The Board of Supervision of Audit Practices has reviewed a proposed amendment to TAS No. 34, which is an accounting standard issued by the ICAAT but not yet placed into law under the Accountancy Act, and has requested that the ICAAT, the Securities and Exchange Commission (SEC), and the Bank of Thailand (BOT) work together to issue clarifications regarding: TAS No. 34, Trouble Debt Restructuring, and the SEC's proposals to (a) use fair value of collateral as the recoverable value of debt restructured, (b) the usage of the cost of funds as the discount rate used to present value future cash flows, and as an additional alternative allow reporting entities to use the original contract rate as a discount rate. Although, the TAS No. 34 was effective as of January 1, 2002, it will be legally effective under the Accountancy Act after September 1, 2002. During 2002, the ICAAT issued a draft accounting standard relating to Agriculture. The exposure draft was based on IAS No. 41, Agriculture. The ICAAT has also drafted guidelines relating to securities borrowing and lending activities, and short sales of securities. The draft guidelines are based on TAS 36, and the FASB Statements of Financial Accounting Standards (SFAS) No. 15, Accounting by Debtors and Creditors for Troubled Debt Restructurings, and No. 114, Accounting by Creditors of Impairment of a Loan. April 2002 Update The Institute of Certified Accountants and Auditors of Thailand (ICAAT) has issued a total of 56 accounting standards of which 29 standards are currently effective, nine standards are not yet required by Thai law, and 18 have been superseded. Under the Accountancy Act B.E. 2543, Thai Accounting Standards (TAS) must be approved by the Ministry of Commerce in Thailand (the MOC) and placed into law before companies are required to adopt such standards. The following nine TAS have been issued by the ICAAT, however, they have not yet been approved by the MOC nor have they been placed into law. All of these unapproved TASs, which were pending MOC approval, have been withdrawn by the ICAAT from the MOC's consideration, pending the outcome of a review by the ICAAT. Currently, adoption of these TASs is optional. These accounting standards are generally based on IAS. However, they do not necessarily conform to the standards upon that are based on in every respect. Recent Thai Accounting Standards TAS No. Title Proposed Effective Date 34 Troubled Debt Restructuring 30 September 1998 49 Construction Contracts 1 January 2001 50 Segment Reporting (IAS 14) 1 January 2002 51 Intangible Assets (IAS 38) 1 January 2004 52 Events After the Balance Sheet Date (IAS 10) 1 January 2004 53 Provision, Contingent Liabilities, Contingent Assets (IAS 37) 1 January 2004 54 Discontinuing Operations (IAS 35) 1 January 2006 55 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 1 January 2004 56 Income Taxes (IAS 12) 1 January 2007 In December 2001, the ICAAT issued an announcement which exempted non-public limited companies from adopting the following accounting standards: TAS 24 Segment Reporting TAS 25 Cash Flows TAS 36 Impairment TAS 44 Consolidation TAS 45 Equity Accounting TAS 47 Related Parties TAS 48 Financial Instruments Non-public companies at their option may elect to voluntarily adopt these accounting standards for financial reporting purposes. The Department of Commercial Registration has introduced new formats of financial statements under the Accountancy Act, which will become effective accounting periods subsequent to December 31, 2001, with early application permitted. Recently, the ICAAT has also issued the following new Thai Accounting Standard Interpretations (TASI) effective 1 January 2004: Recent Thai Interpretations TASI No. 5 Classification of Financial Instruments-Contingent Settlement Provisions TASI No. 6 Jointly Controlled Entities - Nonmonetary Contributions by Venturers TASI No. 7 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items TASI No. 8 Operating Leases - Incentives January 2002 Update The Institute of Certified Accountants and Auditors of Thailand (ICAAT) has issued a total of 56 accounting standards of which 29 are currently effective, 9 are not yet required by Thai law, and 18 have been superseded. Under the Accountancy Act B.E. 2543, Thai Accounting Standards (TAS) must be approved by the Ministry of Commerce in Thailand (the MOC) and placed into law before companies are required to adopt such standards. The following nine TAS have been issued by the ICAAT; however, they have not yet been approved by the MOC, nor have they been placed into law. Therefore, adoption of these TAS is optional at present. These accounting standards pending adoption are generally based on IAS, though they do not necessarily conform to the related IAS in every respect. Recent Thai Accounting Standards TAS No. Title Proposed Effective Date 34 Troubled Debt Restructuring 30 September 1998 49 Construction Contracts 1 January 2001 50 Segment Reporting (IAS 14) 1 January 2002 51 Intangible Assets (IAS 38) 1 January 2004 52 Events After the Balance Sheet Date (IAS 10) 1 January 2004 53 Provision, Contingent Liabilities, Contingent Assets (IAS 37) 1 January 2004 54 Discontinuing Operations (IAS 35) 1 January 2006 55 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 1 January 2004 56 Income Taxes (IAS 12) 1 January 2007 Recently, the ICAAT has also issued the following new Thai Accounting Standard Interpretations (TASI) effective 1 January 2004: TASI No. 5 Classification of Financial Instruments-Contingent Settlement Provisions TASI No. 6 Jointly Controlled Entities - Nonmonetary Contributions by Venturers TASI No. 7 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items TASI No. 8 Operating Leases - Incentives The ICAAT is currently considering amending certain TAS to require only public companies to comply with such accounting standards. October 2001 Update The Institute of Certified Accountants and Auditors of Thailand (ICAAT) has issued the following seven new Thai Accounting Standards (TAS). These new accounting standards are based on IAS. However, they do not necessarily conform to the standards upon that are based on in every respect. Recent Thai Accounting Standards TAS Number Title and Related IAS Number Effective for Periods Beginning On or After 50 Segment Reporting (IAS 14) 1 January 2002 51 Intangible Assets (IAS 38) 1 January 2004 52 Events After the Balance Sheet Date (IAS 10) 1 January 2004 53 Provision, Contingent Liabilities, Contingent Assets (IAS 37) 1 January 2004 54 Discontinuing Operations (IAS 35) 1 January 2006 55 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 1 January 2004 56 Income Taxes (IAS 12) 1 January 2007 The ICAAT has also issued the following Thai Accounting Standard Interpretations (TASI). All are effective 1 January 2004: TASI No. 5 Classification of Financial Instruments - Contingent Settlement Provisions. TASI No. 6 Jointly Controlled Entities - Nonmonetary Contributions by Venturers. TASI No. 7 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items. TASI No. 8 Operating Leases - Incentives. July 2001 Update The Institute of Certified Accountants and Auditors in Thailand (ICAAT) has issued ten new accounting standards. Eight were effective at the start of last year, one was effective at the start of this year, and the tenth will take effect next January first. These new accounting standards are primarily based on IAS. However, they do not necessarily conform to the standards upon that are based on in every respect. Recent Thai Accounting Standards TAS Number Title and Related IAS Number Effective for Periods Beginning On or After 41 Interim Financial Information (IAS 34) 1 January 2000 42 Accounting for Investment Companies (based on the AICPA Audit and Accounting Guide: Audits of Investment Companies) TAS No. 43, Business Combinations (IAS 22) 1 January 2000 43 Business Combinations (IAS 22) 1 January 2000 44 Consolidated Financial Statements and Accounting for Subsidiaries (IAS 28) 1 January 2000 45 Accounting for Investments in Associates (IAS 28) 1 January 2000 46 Financial Reporting of Interests in Joint Ventures (IAS 31) 1 January 2000 47 Related Party Disclosures (IAS 24) 1 January 2000 48 Financial Instruments: Disclosure and Presentation (IAS 32) 1 January 2000 49 Construction Contracts (IAS 11) 1 January 2001 50 Segment Reporting (IAS 14) 1 January 2002 The ICAAT has also issued the following Thai Accounting Standard Interpretations (TASI): Recent Thai Interpretations Interpretation Number and Title Effective Date TASI No. 1 Assets which Debtors Transfer for Debt Settlement (AICPA SOP 92-3) March 1999 TASI No. 2 Consolidation of Special Purpose Entities (IAS SIC 12) January 2000 TASI No. 3 Hybrid Financial Instruments Issued by Financial Institutions June 1999 TASI No. 4 Impairment of Assets - Expenditure that the Enterprise under Developing Stage and Developed Enterprise Recorded as an Asset (IAS 36 and 38 and US SFAS No. 7) December 1999 The ICAAT has issued exposure drafts for the following TAS and TASIs: Recent Thai Exposure Drafts of Standards Draft Thai Accounting Standard Expected Effective Date Accounting for Income Taxes (IAS 12) January 2002 Contingencies and Events Occurring After the Balance Sheet Date (IAS 10) July 2001 Provisions, Contingent Liabilities and Contingent Assets (IAS 37) July 2001 Discontinuing Operations (IAS 35) July 2001 Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities (US SFAS 140) January 2003 Intangible Assets (IAS 38) -- Long-Term Leases (IAS 17) January 2001 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) January 2002 Financial Instruments: Recognition and Measurement (selected portions of IAS 39) January 2003 Recent Thai Exposure Drafts of Interpretations Draft Thai Accounting Standard Interpretations Expected Effective Date Classification of Financial Instruments - Contingent Settlement Provisions (IAS SIC 5) January 2001 Jointly Controlled Entities - Non-Monetary Contributions by Ventures (IAS SIC 13) January 2001 Property Plant and Equipment - Compensation for the Impairment or Loss of Items (IAS SIC 14) January 2001 Operating Lease - Incentives (IAS SIC 15) January 2001 March 2001 Update The Institute of Certified Accountants and Auditors in Thailand (ICAAT) has issued ten new accounting standards eight of which became effective on 1 January 2000. These new accounting standards are primarily based on IAS. However, they do not necessarily conform to the standards in every respect. New Thai Accounting Standards (TASs) that became effective on 1 January 2000: TAS No. 41 Interim Financial Information (IAS 34) TAS No. 42 Accounting for Investments companies(AICPA Audit and Accounting Guide: Audits of Investment Companies) TAS No. 43 Business Combinations (IAS 22) TAS No. 44 Consolidated Financial Statements and Accounting for Subsidiaries (IAS 28) TAS No. 45 Accounting for Investments in Associates (IAS 28) TAS No. 46 Financial Reporting of Interests in Joint Ventures (IAS 31) TAS No. 47 Related Party Disclosures (IAS 24) TAS No. 48 Financial Instruments: Disclosure and Presentation (IAS 32) In addition to the above TASs , the ICAAT has issued: TAS No. 49 Construction Contracts (IAS 11) which is effective for financial reporting periods beginning on or after 1 January 2001 TAS No. 50 Segment Reporting (IAS 14) which will become effective for financial reporting periods beginning on or after 1 January 2002. Other projects the ICAAT is expected to issue exposure drafts in the next twelve months are: Development stage enterprises (SFAS 7) Derivatives (IAS 39) Accounting interpretations Classifications of financial instruments - contingent settlement provisions (SIC 5) Jointly controlled entities - non monetary contributions by venturers (SIC 13) Property, Plant and Equipment - compensation for the impairment or lost items (SIC 14) Operating leases - incentives (SIC 15) October 2000 Update Thai accounting requirements come from two sources. The Ministerial Regulations, issued under the Accounting Law, and standards of the Institute of Certified Accountants and Auditors. There are no Thai standards in a number of important areas addressed by IAS, including intangible assets, some aspects of leases, provisions, employee benefits, and deferred income taxes. There are also some differences between Thai standards and IAS.