Thailand defers adoption of IFRS 9
18 Jul 2018
While Thailand was scheduled to replace IAS 39 with IFRS 9 from 1 January 2019 (one year after the IASB effective date), the Federation of Accounting Professions (FAP) has now decided to postpone the mandatory effective date of the standard in Thailand by one year to 2020.
The decision strikes a balance between calls to delay the effective date to 2022 (mainly because it is considered to be burdensome to SMEs) and the wish to keep the effect on the banking industry in terms of investor confidence or credit ratings small as the deferral is just one year. Also, early adoption remains possible.
For more information please see the press release on the FAP website (in the Thai language only).
