Federation of Accounting Professions (TFAC) is a statutory body under the Accounting Professions Act, B.E. 2547 (2004), holding a status of a juristic person with the objects of setting financial reporting standards, auditing standards, other professional accounting standards, promoting and developing accounting professions. The powers and duties cover approving registration of the accounting practice and issuing, suspending or revoking licenses for operating as accounting practitioners. To accredit knowledge and expertise in the accounting practice together with accrediting training programmes required for becoming experts and continuing education, in varying fields, of accounting practitioners are TFAC’s duties. To ensure compliance with ethics in accounting professions, TFAC monitors behaviours and work operation of members or registrants in connection with the accounting practice. Also, to provide advice and recommendations to the Government in connection with policies and problems in accounting professions is TFAC’s concern.
From Institute of Certified Accountants and Auditors of Thailand to Federation of Accounting Professions of Thailand...
In 1948, a group of accountants led a successful motion to form an organization for accounting professions. “Accountant Association of Thailand” was founded on 13th October 1948 after approval was requested and received from National Culture Council. On 24th May 1975, the association was renamed to “Institute of Certified Accountants and Auditors of Thailand” and its operation scope had been extended to more accounting professions among its members. 13th October had become foundation day for national accounting professions organization until it was later changed to 23th October when Accounting Professions Acts 2547 BE was first enacted on 23rd October 2004.
Legal effort to certify accounting professions to government and become center for accounting professions in Thailand had begun since 1937. The first draft of “Accountant Act” was written in 1953; and after many revisions, “Public Accountant Act 2505 BE” was enacted and became effective on 2nd November 1962.
There were continuing efforts to institutionalize accounting professions. On 6th September 1994, the National Assembly OR the Cabinet of Thailand had approved draft of “Accountant Federation Act” but was later postponed due to change of government.
Finally, on 23rd October 2004, Accounting Professions Act 2547 BE, approved by His Majesty the King, became effective. The Accounting Profession Act aims to put every accounting professional under regulation by FAP which is operated and monitored by accounting professionals themselves, similar to other professional federations. Accounting professionals are united for benefits to professional development and livelihood.
TFAC was officially under His Majesty The King’s Royal Patronage on 6th September 2005 bringing pride, happiness, and morale to all FAP’s responsible staffs and accounting professionals to work their bests to achieve FAP’s objectives.
Roles and Duties
In accordance with Accounting Professions Act 2547 BE section 7
Supportive functions
1. Support learning, development, and research of accounting professions.
2. Support unity and honor of members, arrange for welfare and support among members.
3. Establish accounting standard, auditing standard, and other standard relating to accounting professions.
Monitoring functions
4. Establish accounting profession’s ethic.
5. Issue, suspend, and revoke professional registration and license.
6. Certify accounting degree or certificate in education institutes to assure membership’s qualification.
7. Certify accounting knowledge and proficiency.
8. Certify accounting CPD course.
9. Monitor behavior and operation of members and registered person to be in accordance with accounting professional ethic.
Assisting functions
10. Assist, advise, distribute, and provide knowledge about accounting professions to the general.
11. Issue TFAC’s regulation
12. Represent accounting professionals
13. Give consult and recommendation to the Government regarding accounting professions’ policies and issues.
14. Operate in other areas to achieve FAP’s objectives and duties according to with Accounting Professions Act 2547 BE.
