Accounting in Thailand

Overview by

Accounting System

Accounting Standards
The accounting standards are described on IAS Plus Website. The Thai Accounting Standards (TAS) are issued by the Federation of Accounting Professions (FAP), which was formed in 2004.
Accounting Regulation Bodies
Federation of Accounting Professions of Thailand, Professional organization of accountants and auditors that issues Thai Accounting Standards (TAS). Formerly the Institute of Certified Accountants and Auditors of Thailand (ICAAT).
Accounting Law
The basic accounting principles practiced - for example - in the United States or in Europe are accepted in Thailand as are accounting methods and conventions as sanctioned by law.
Difference Between National and International Standards (IAS/IFRS)
It is anticipated that the Thai accounting principles (TAS) will be fully compliant with IFRS in the near future but it is still unknown when full IFRS implementation will be mandatory. Thai accounting standards apply.
Accounting News
Asian Corporate Governance Association

Accounting Practices

Tax Year
The Thailand year of assessment runs from 1 January to 31 December.
Accounting Reports
Firms must keep books and follow accounting procedures specified in the Civil and Commercial Code, the Revenue Code and the Accounts Act. Documents may be prepared in any language, provided that a Thai translation is attached. Each company has to produce a balance sheet and a profit and loss account for each accounting year. The external control of accounts must be given to a body of auditors chosen by the company and by the commercial department of the ministry of Treasury.
Publication Requirements
Each company has to produce a balance sheet and a profit and loss account for each accounting year.

A mid-year profit forecast entails advance payment of corporate taxes. On Annual Accounts, any newly-established company or partnership should close accounts within 12 months from the date of its registration. Thereafter, the accounts should be closed every 12 months. The performance record is to be certified by the company auditor, approved by shareholders, and filed with the Commercial Registration Department, Ministry of Commerce, within five months of the end of the fiscal year, and with the Revenue Department, Ministry of Finance, within 150 days of the end of the fiscal year. If a company wishes to change its accounting period, it must obtain written approval from the Director General of the Revenue Department.

Accountancy Profession

Auditors are licensed and governed by the Institute of Certified Accountants and Auditors of Thailand and the Board of Supervision of Auditing Practice.The auditors and accountants association of Thailand is the accounting authority. The accounting professional are mostly members of the Federation of accounting Profession. For additional information consult Thai Federation of accounting Professions.
Professional Accountancy Bodies
The Institute of Certified Accountants and Auditors of Thailand
Federation of accounting Profession
Member of the International Federation of Accountants (IFAC)
The Thai Federation of accounting Professions is a member of IFAC.

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