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Accounting

Accounting

You will find here a series of summaries providing an overview of useful accounting regulations, processes and accounting issues for Doing Business in Thailand.

Employee benefits obligation

Thailand’s National Legislative Assembly (NLA) passed a new act on 13 December 2018 which, when published in the Government Gazette, will amend the current Labour Protection Act (LPA). The new law will become effective 30 days after publication, which is expected to take place in early 2019.

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New TFRS and TAS as at January 2019

We set below the new Thai Financial Reporting Standards (“TFRS”) and Thai Accounting Standards (“TAS”) that have been announced, and which became effective in Thailand on from 1 January 2019, or which will become effective in the future.

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Capitalizing software and cloud computing

What is the accounting treatment when an entity incurs further costs on existing fixed assets? When should it be expensed and when can it be capitalized?

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New TFRS on Financial Instruments

In its October 2018 newsletter, the Federation of Accounting Professions (“FAP”) stated that the Government Gazette has announced new Thai Financial Reporting Standards (TFRS) on Financial Instruments on 21 September 2018. These standards consist of the following:

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TFRS 15, ‘Revenue from contracts with customers’

A new Thai Financial Reporting Standard, TFRS 15, ‘Revenue from contracts with customers’, has been issued and will be applied to accounting periods beginning on or after 1 January 2019 (early adoption is permitted).

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