IFRS and TAS (Thai Accounting Standards), What are the differences?
Adoption of IFRS in Thailand
This is an outline of the developments of Thai Accounting and Financial Reporting Standards.
Changes that will come into effect to Thai Accounting Standards and the Thai Financial Reporting Standards, these have been issued by the Federation of Accounting Professions.
Here is an outline of the timeline and implementation although not confirmed.
2009: Initiate and Public hearing process
2010: Start of the first comparative TFRS year
2011-2013: effective date for all companies’ to report financial results using TFRS
Thai Accounting Standards & Thai Financial Reporting Standards changes:
Thai Financial Reporting Interpretation & Thai Accounting Standard Interpretations
These changes are based on the release date of the related date of TAS/TFRS.
The following list shows the TAS/TFRS that are applied at present and that have a corresponding IAS/IFRS.
| TAS/TFRS |
IAS/IFRS |
Year of IAS/IFRS |
classification |
TAS 1 (r2550) |
IAS 1 |
2006 |
Presentation of Financial Statements |
TAS 2 (r2550) |
IAS 2 |
2006 |
Inventories |
TAS 7 (r2550) |
IAS 7 |
2006 |
Cash flow statements |
TAS 8 (r2550) |
IAS 8 |
2006 |
Accounting policies, changes in accounting estimates and errors |
TAS 10 (r2549) |
IAS 10 |
2005 |
Events after the balance sheet date |
TAS 11 (r2550) |
IAS 11 |
2006 |
Construction contracts |
TAS 14 (2537) |
IAS 14 |
1994 |
Reporting financial information by segment |
TAS 16 (2542) |
IAS 16 |
1998 |
Property, plant and equipment |
TAS 17 (r2550) |
IAS 17 |
2006 |
Leases |
TAS 18 (2542) |
IAS 18 |
1993 |
Revenue |
TAS 21 (2539) |
IAS 21 |
1993 |
The effects of changes in foreign exchange rates |
TAS 23 (r2550) |
IAS 23 |
2006 |
Borrowing costs |
TAS 24 (2542) |
IAS 24 |
1994 |
Related party disclosures |
TAS 27 (r2550) |
IAS 27 |
2006 |
Consolidated and separate financial statements |
TAS 28 (r2550) |
IAS 28 |
2006 |
Investments in associates |
TAS 31 (r2550) |
IAS 31 |
2006 |
Interests in joint ventures |
TAS 32 (2542) |
IAS 32 |
1998 |
Financial instruments; disclosure and presentation |
TAS 33 (2542) |
IAS 33 |
1997 |
Earnings per share |
TAS 34 (r2550) |
IAS 34 |
2006 |
Interim financial reorting |
TAS 36 (r2550) |
IAS 36 |
2006 |
Impairment of assets |
TAS 37 (2547) |
IAS 37 |
1997 |
Provisions, contingent liabilities and contingent assets |
TAS 38 (r2550) |
IAS 38 |
2006 |
Intangible assets |
TFRS 3 (r2550 |
IFRS 3 |
2006 |
Business combinations |
TFRS 5 (r2550) |
IFRS 5 |
2006 |
Non-current assets held for sale and discontinued operations |
All TAS/TFRS that are still in effect will be replaced by TAS/TFRS (r2552). All TSI and TFRI will be based on SIC and IFRIC 2008 when they become effective in 2011 and onwards. There will be standards r2552 that will have special requirements while the transition is in process e.g. TAS 1, TAS 19 and TFRS 2 among others.There will also be r2552 standards expected to be exempted for entities that are not publicly accountable; some examples are TAS 12, TAS 24, TAS 28 among others.
|
This is a list with TAS that to date do not have a corresponding IAS/IFRS, and these will be eliminated when the TAS/TFRS r2552 come into effect |
.
| TAS |
Renumbering |
classification |
TAS 11 (2531) |
TAS 101 |
Doubtful debt and bad debt |
TAS 26 (2536) |
TAS 102 |
Revenue recognition for real estate business |
TAS 30 (r2549) |
TAS 103 |
Disclosures in the financial statements of bank and similar financial institutions |
TAS 34 (r2545) |
TAS 104 |
Accounting for troubled debt restructuring |
TAS 40 (r2546) |
TAS 105 |
Accounting for investments and in debt and equity securities |
TAS 42 (2542) |
TAS 106 |
Accounting for investment companies |
Thai Accounting Standard Interpretations (TSI) that is effective at present and its corresponding SIC.
TSI # |
SIC |
SIC year |
|
TSI 2 |
SIC 12 |
1998 |
Consolidation – special purpose entities |
TSI 3 |
- |
- |
Hybrid instruments issued by financial institutions |
TSI 5 |
SIC 5 |
1998
(has been cancelled by the IASB) |
Classification of financial instruments-contingent settlement provision |
TSI 6 |
SIC 13 |
1998 |
Jointly controlled entities – non-monetary contributions by ventures |
TSI 7 |
SIC 14 |
1998
(has been cancelled by the IASB) |
Property, plant and equipment – compensation for the impairment or loss of items |
TSI 8 |
SIC 15 |
1999 |
Operating leases - incentives |
TSI 9 |
- |
- |
Accounting for foreclosed assets |
Present Thai Accounting Guideline
| TAG |
IAS/IFRS |
Treasury shares |
IAS 39 (year 2000) |
Business combinations under common control |
IFRS 3 (additional examples required) |
Leasehold right |
IAS 17 (year 2008) |
Revised and approved TAS/TFRS 2552 by the Board of Supervision of Accounting Professions in March 2010.
TAS 1 (r2552) |
Presentation of financial statements |
TAS 2 (r2552) |
Inventories |
TAS 7 (r2552) |
Statement of cash flows |
TAS 8 (r2552) |
Accounting policies, changes in accounting estimates and errors |
TAS 10 (r2552) |
Events after the reporting period |
TAS 11 (r2552) |
Construction contracts |
TAS 12 (r2552) |
Income taxes |
TAS 17 (r2552) |
Leases |
TAS 20 (r2552) |
Accounting for government grants and disclosure of government assistance |
TAS 23 (r2552) |
Borrowing costs |
TAS 24 (r2552) |
Related party disclosures |
TAS 27 (r2552) |
Consolidated and separate financial statements |
TAS 28 (r2552) |
Investments in associates |
TAS 29 (r2552) |
Financial reporting in hyperinflationary economies |
TAS 31 (r2552) |
Interests in joint ventures |
TAS 33 (r2552) |
Earnings per share |
TAS 34 (r2552) |
Interim financial reporting |
TAS 36 (r2552) |
Impairment of assets |
TAS 38 (r2552) |
Provisions, contingent liabilities and contingent assets |
TAS 40 (r2552) |
Investment property |
TFRS 5 (r2552) |
Non-current assets held for sale and discontinued operations |
TFRS 6 (r2552) |
Exploration for and evaluation of mineral resources |
For more information or need our services covering to IFRS auditing, please feel free to contact Mr.Prasert Poothong,
head of auditor team; click here.
Phone Nos.: +66 2 933 6121, +66 2 933 6122, +66 2 933 5601
(for call inside Thailand use 0 instead of +66)
Fax: +66 2 933 6120
Email: mgr@panwa.co.th
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