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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).

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.

Related news

  • 41 additional jurisdiction profiles added on the use of IFRS

  • Dec 09, 2013

  • The IFRS Foundation (IFRSF) has added 41 new jurisdiction profiles on the use of IFRS to bring the total of profiles completed to 122 jurisdictions. With the addition of the new profiles, the IFRSF completes the third phase of its initiative to assess the progress of jurisdictions using IFRSs.

  • Agenda for the November 2013 AOSSG meeting

  • Nov 25, 2013

  • An agenda has been released for the fifth meeting of the Asian-Oceanian Standards Setters Group (AOSSG), which is being held in Colombo, Sri Lanka on 27-28 November 2013. Representatives from many of the 26 countries which are currently members of AOSSG will attend the meeting, as will representatives from the International Accounting Standards Board (IASB). The meeting will include discussion on a number of IASB projects, consider the results of a survey conducted by the AOSSG on accounting and Islamic finance in the Middle East and North Africa, receive feedback on the IFRS implementation efforts and regional capacity building, and consider ongoing membership and process requirements.

  • Outcomes from the fourth AOSSG meeting

  • Dec 13, 2012

  • The Asian-Oceanian Standard-Setters Group (AOSSG) has released a communiqué from its meeting held in Kathmandu, Nepal on 28 and 29 November 2012. Highlights include plans for an ‘IFRS Centre of Excellence for a Developing Country’ (IFRS COEDC) in Nepal that would help Nepal to build its standard-setting capacity, the need for rapid finalisation of the IASB's project on 'bearer biological assets', and discussion on Islamic finance accounting issues.

  • A Driving Wind for IFRS from Asia-Oceania

  • Jun 08, 2011

  • The Asian-Oceanian Standard-Setters Group (AOSSG) has published today "A Vision Paper of the Asian-Oceanian Standard-Setters Group 2011 — A Driving Wind for IFRS from Asia-Oceania".

  • New Deloitte SEA e-newsletter on financial reporting

  • Sep 08, 2009

  • 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.

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