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Revised 2016
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.
Amendment to Standards in this version (revised 2016)
There are 15 amendments to TFRSs in this version (revised 2016) and 1 Thai Accounting Guidance, please see the summary standards as follows;
| Thai Financial Reporting Standards | Subject to Amendment |
| TAS 1 (revised 2016) | - Disclosure Initiative |
| TAS 16 (revised 2016) | - Clarification of Acceptable Methods of Depreciation and Amortisation - Agriculture: Bearer Plants |
| TAS 19 (revised 2016) | - Discount rate: regional market issue |
| TAS 27 (revised 2016) | - Equity Method in Separate Financial Statements |
| TAS 28 (revised 2016) | - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Investment Entities: Applying the Consolidation Exception |
| TAS 34 (revised 2016) | - Disclosure of information ‘elsewhere in the interim financial report’ |
| TAS 38 (revised 2016) | - Clarification of Acceptable Methods of Depreciation and Amortisation |
| TAS 41 (revised 2016) | - Agriculture: Bearer Plants |
| TFRS 5 (revised 2016) | - Changes in methods of disposal |
| TFRS 10 (revised 2016) | - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Investment Entities: Applying the Consolidation Exception |
| TFRS 11 (revised 2016) | - Accounting for Acquisitions of Interests in Joint Operations |
| TFRS 12 (revised 2016) | - Investment Entities: Applying the Consolidation Exception |
Please see the more detail of the Amendment Click
The amendment to Thai Accounting Standards (which are accounting standards that solely adopted in Thailand) for 3 standards and the Thai Accounting Guidance for insurance business.
| Thai Financial Reporting Standard | Subject of Amendment |
| TAS 104 (revised 2016) | - Definition of ‘Fair value’ to be in line with TFRS 13 (revised 2016) |
| TAS 105 (revised 2016) | - Definition of ‘Fair value’ to be in line with TFRS 13 (revised 2016) - Transfers from investment in subsidiaries, associates or joint venture to other investment and transfer from other investment to investment in subsidiaries, associates or joint venture |
| TAS 107 (revised 2016) | - Definition of ‘Fair value’ to be in line with TFRS 13 (revised 2016) - Disclosure of ‘Fair value’ to be in line with IFRS 7 |
| Thai Accounting Guidance for insurance business |
The guidance are consist of - Option to designate a financial asset as measured at fair value through profit or loss - Initial measurement - Subsequent measurement - Gains and Losses - Reclassifications - Disclosures and Presentation |
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.
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.
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Due Process of Thai Financial Reporting Standards (Due process) Click Thai Accounting Standards – Setting Committee translated and adopted Thai Financial Reporting Standards (“TFRS”) revised 2016 based on the 2016 edition of the bound volume of International Financial Reporting Standards (“IFRS”) (Bound Volume 2016 Consolidated without early application) which are effective in Thailand for annual reporting periods beginning on or after 1 January 2017. |
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| TAS = Thai Accounting Standards | TFRS = Thai Financial Reporting Standards |
| TSIC = TSIC Interpretations | TFRIC = TFRIC Interpretations |
| No. | Ref. | Title | Date of publishing draft | Effective date | Progress | Date in the Royal Gazette | Remark |
| 1 | TAS 1 (revised 2016) |
Presentation of Financial Statements | 6 Jul 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 | |
| 2 | TAS 2 (revised 2016) |
Inventories | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 3 | TAS 7 (revised 2016) |
Statement of Cash Flows | 27 apr 2017 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 4 | TAS 8 (revised 2016) |
Accounting Policies, Changes in Accounting Estimates and Errors | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 5 | TAS 10 (revised 2016) |
Events after the Reporting Period | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 6 | TAS 11 (revised 2016) |
Construction Contracts | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 7 | TAS 12 (revised 2016) |
Income Taxes | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 8 | TAS 16 (revised 2016) |
Property, Plant and Equipment | 3 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 9 | TAS 17 (revised 2016) |
Leases | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 10 | TAS 18 (revised 2016) |
Revenue | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 11 | TAS 19 (revised 2016) |
Employee Benefits | 6 Jul 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 | |
| 12 | TAS 20 (revised 2016) |
Accounting for Government Grants and Disclosure of Government Assistance | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 13 | TAS 21 (revised 2016) |
The Effects of Changes in Foreign Exchange Rates | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 14 | TAS 23 (revised 2016) |
Borrowing Costs | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 15 | TAS 24 (revised 2016) |
Related Party Disclosures | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 16 | TAS 26 (revised 2016) |
Accounting and Reporting by Retirement Benefit Plans | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 17 | TAS 27 (revised 2016) |
Separate Financial Statements | 3 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 18 | TAS 28 (revised 2016) |
Investments in Associates and Joint Ventures | 3 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 19 | TAS 29 (revised 2016) |
Financial Reporting in Hyperinflationary Economies | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 20 | TAS 33 (revised 2016) |
Earnings per Share | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 21 | TAS 34 (revised 2016) |
Interim Financial Reporting | 6 Jul 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 | |
| 22 | TAS 36 (revised 2016) |
Impairment of Assets | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 23 | TAS 37 (revised 2016) |
Provisions, Contingent Liabilities and Contingent Assets | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 24 | TAS 38 (revised 2016) |
Intangible Assets | 6 Jul 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 | |
| 25 | TAS 40 (revised 2016) |
Investment Property | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 26 | TAS 41 (revised 2016) |
Agriculture | 3 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 27 | TFRS 2 (revised 2016) |
Share-based Payment | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 28 | TFRS 3 (revised 2016) |
Business Combinations | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 29 | TFRS 4 (revised 2016) |
Insurance Contracts | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 30 | TFRS 5 (revised 2016) |
Non-current Assets Held for Sale and Discontinued Operations | 6 Jul 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 | |
| 31 | TFRS 6 (revised 2016) |
Exploration for and Evaluation of Mineral Resources | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 32 | TFRS 8 (revised 2016) |
Operating Segments | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 33 | TFRS 10 (revised 2016) |
Consolidated Financial Statements | 6 Jul 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 | |
| 34 | TFRS 11 (revised 2016) |
Joint Arrangements | 3 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 35 | TFRS 12 (revised 2016) |
Disclosure of Interests in Other Entities | 3 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 36 | TFRS 13 (revised 2016) |
Fair Value Measurement | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| Remark: There was no change in the Conceptual Framework for Financial Reporting in revised 2015. | |||||||
| TFRIC Interpretations and SIC Interpretations | |||||||
| 37 | TSIC 10 (revised 2016) |
Government Assistance-No Specific Relation to Operating Activities | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 38 | TSIC 15 (revised 2016) |
Operating Leases-Incentives | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 39 | TSIC 25 (revised 2016) |
Income Taxes-Changes in the Tax Status of an Entity or its Shareholders | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 40 | TSIC 27 (revised 2016) |
Evaluating the Substance of Transactions Involving the Legal Form of a Lease | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 41 | TSIC 29 (revised 2016) |
Service Concession Arrangements: Disclosures | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 42 | TSIC 31 (revised 2016) |
Revenue-Barter Transactions Involving Advertising Services | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 43 | TSIC 32 (revised 2016) |
Intangible Assets-Web Site Costs | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 44 | TFRIC 1 (revised 2016) |
Changes in Existing Decommissioning, Restoration and Similar Liabilities | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 45 | TFRIC 4 (revised 2016) |
Determining whether an Arrangement contains a Lease | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 46 | TFRIC 5 (revised 2016) |
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 47 | TFRIC 7 (revised 2016) |
Applying the Restatement Approach under TAS 29 Financial Reporting in Hyperinflationary Economies | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 48 | TFRIC 10 (revised 2016) |
Interim Financial Reporting and Impairment | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 49 | TFRIC 12 (revised 2016) |
Service Concession Arrangements | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 50 | TFRIC 13 (revised 2016) |
เCustomer Loyalty Programmes | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 51 | TFRIC 14 (revised 2016) |
TAS 19-The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 52 | TFRIC 15 (revised 2016) |
Agreements for the Construction of Real Estate | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 53 | TFRIC 17 (revised 2016) |
Distributions of Non-cash Assets to Owners | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 54 | TFRIC 18 (revised 2016) |
Transfers of Assets from Customers | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 55 | TFRIC 20 (revised 2016) |
Stripping Costs in the Production Phase of a Surface Mine | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
| 56 | TFRIC 21 (revised 2016) |
Levies | 13 Jun 2016 | 1 Jan 2017 | 6 | 15 Nov 2016 | |
Thai Accounting Standards
(which is accounting standard that solely adopted in Thailand)
Thai Accounting Standards – Setting Committee revised Thai Accounting Standards (which are accounting standard that solely adopted in Thailand) to be inline with other related international accounting standard which are effective in Thailand for annual reporting periods beginning on or after 1 January 2017.
| No. | Ref. | Title | Date of publishing draft | Effective date | Progress | Date in the Royal Gazette | Remark |
| 1 | TAS 104 (revised 2016) |
Accounting for Troubled Debt Restructuring | 20 Jun 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 | |
| 2 | TAS 105 (revised 2016) |
Accounting for Investments in Debt and Equity Securities | 20 Jun 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 | |
| 3 | TAS 106 (revised 2016) |
Accounting For Investment Entities | In the process | 1 Jan 2017 | - | ||
| 4 | TAS 107 (revised 2016) |
Financial Instruments: Disclosure and Presentation | 20 Jun 2016 | 1 Jan 2017 | 6 | 28 Nov 2016 |
