28/01/2022
The Accounting Professions Act B.E. 2547 of 2004 authorizes the FAP to develop accounting standards in Thailand under the supervision of the Accounting Profession Supervision Committee. The FAP maintains an ongoing process to ensure updates from the IASB are translated and incorporated into the current standards.
The FAP reports that, as of November 2017, Thai Financial Reporting Standards (TFRS) are aligned with the 2016 IFRS and there are plans to adopt IFRS for SMEs by 2018. With plans to adopt IFRS for SMEs, the FAP reports that there are initiatives underway to develop various types of training on the standards.
The FAP builds awareness of the TFRS and activities of the IASB by notifying its members and other interested stakeholders about all new, proposed, and revised IFRS. Additionally, to support the implementation of the standards, the FAP conducts training seminars and workshops on a regular basis to ensure professional accountants, stakeholders, regulators, and academics understand the accounting standards. Other implementation activities carried out by the FAP include conducting Train-the-Trainer workshops for accounting lecturers and preparing a TFRS implementation guide in Thai that summarizes TFRS and provides illustrative case studies that are relevant for the Thai environment. The institute also notes that it is active in the international standard-setting process and provides comments to exposure drafts issued by the IASB.
In the next update of its SMO Action Plan, the FAP is encouraged to report on its efforts to finalize the adoption of IFRS for SMEs.
Source: https://www.ifac.org/about-ifac/membership/members/federation-accounting-professions #:~:text=Under%20the%20Accounting%20Professions%20Act,the%20Accounting%20Professions%20Regulatory%20Commission.
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