- Thailand is included in the IFAD GAAP Convergence Studies
- National Professional Organisation Website: Federation of Accounting Professions
- Response to IFAC Member Body Survey on Standard Setting and Regulation
- Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)
Financial Reporting Framework in Thailand
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).
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).
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.