Thai Financial Reporting Standards (Revised 2017)

Revised 2017

            Thai Financial Reporting Standards (TFRS) contain copyright material of the IFRS® Foundation (Foundation) in respect of which all rights are reserved.

            Reproduced and distributed by the Federation of Accounting Professions with the permission of the Foundation within the Kingdom of Thailand only. No rights granted to third parties to reproduce, store in a retrieval system or transmit in any form or in any means without the prior written permission of the Federation of Accounting Professions and the Foundation.

            Thai Financial Reporting Standards (TFRS) are issued by the Federation of Accounting Professions in respect of their application in the Kingdom of Thailand and have not been prepared or endorsed by the International Accounting Standards Board (Board).

            Thai Financial Reporting Standards (TFRS) are not to be distributed outside of the Kingdom of Thailand.

            Thai Accounting Standards – Setting Committee translated and adopted Thai Financial Reporting Standards (“TFRS”) revised 2017 based on the 2017 edition of the bound volume of International Financial Reporting Standards (“IFRS”) (Bound Volume 2017 Consolidated without early application) which are effective in Thailand for annual reporting periods beginning on or after 1 January 2018.

Due process and amendments to Thai Accounting Standards and Thai Financial Reporting Standards in 2017

            There are 3 amendments to TFRSs in this version (revised 2017) which are TAS 7 Statement of Cash Flows, TAS 12 Income Taxes and TFRS 12 Disclosure of Interests in Other Entities. Please see the summary of amendments as below.

           Moreover, there is the new Thai Accounting Guidance which is “Thai Accounting Guidance: Preparation financial statements on other basis which is not a going concern basis”. In the guidance are consist of;

• Measurement of the entity’s assets
• Measurement of the entity’s liabilities
• Calssifications
• Presentation of Financial Statements and Disclosures

The approved process of TFRS by Sub-Committee and Committee

1. Thai Accounting Standard-Setting Committee
2. Accounting Standard Scrutinizing Sub-Committee
3. Federation of Accounting Professions Board
4. Oversight Committee on Accounting Professions
5. On process for announced in Royal Gazette\
6. Announced in Royal Gazette

Remark: Draft of Thai Financial Reporting Standards which are approved by The Thai Accounting Standards – Setting Committee, the entity can download it to understand and prepare yourself.

New Thai Financial Reporting Standard

            Thai Accounting Standards – Setting Committee is in the process of translated and adopted New Thai Financial Reporting Standards (“TFRS”) based on International Financial Reporting Standards (“IFRS”) (Bound Volume 2018 Consolidated without early application) as follows;

            TFRS 1 First-time Adoption of Thai Financial Reporting Standards: the objective of this standards is to ensure that an entity’s first TFRS financial statements and its interim financial reports for part of the period covered by those financial statements, contain high quality information that is transparent for users and comparable over all periods presented, provides a suitable starting point for accounting in accordance with TFRS and can be generated at a cost that does not exceed the benefits.

            TFRS 15 and TFRS 16 will be effective in Thailand for annual reporting periods beginning on or after 1 January 2019 and 1 January 2020.

Thai Accounting Guidances

         Thai Accounting Standards – Setting Committee determined the Accounting Guidance for Preparation financial statements on other basis which is not a going concern basis for the dissolution entities to financial statements for the reporting period of the dissolution that is effective in Thailand for annual reporting periods beginning on or after 1 January 2018 and Accounting Guidance for Financial instruments and Presentation for Insurance business  that is effective in Thailand for annual reporting periods beginning on or after 1 January 2019

New Thai Financial Reporting Standards (Financial Instruments)

            Thai Accounting Standards – Setting Committee is in the process of translated and adopted New Thai Financial Reporting Standards (“TFRS”) (Financial Instruments) based on the 2018 edition of the bound volume of International Financial Reporting Standards (“IFRS”) (Bound Volume 2018 Consolidated without early application) which effective in Thailand for annual reporting periods beginning on or after 1 January 2019.

         For the other standards which are not described in the table mentioned above, are the standards which are changed only wording and the reference of the version of the standards. There are no any significant changes in the standards