Q&A

Does Thailand use IFRS?

Does Thailand use IFRS?

Thailand has adopted all IFRS Standards with a one-year delay from the equivalent IFRS Standard’s effective date, with the exception of the Standards relating to financial instruments (IAS 32 Financial Instruments: Presentation, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: …

What is the scope of IFRS 7?

The objective of IFRS 7 is to provide more transparency to financial statement users on an entity’s exposure to risks and how those risks are managed. An entity must group its financial instruments into classes of similar instruments and, when disclosures are required, make disclosures by class.

How many accounting standards are there in IFRS?

The following is the list of IFRS and IAS issued by the International Accounting Standard Board (IASB) in 2019. In 2019, there are 16 IFRS and 29 IAS. IAS will replace IFRS once it is finalized and issued by IASB.

Does Vietnam use IFRS?

No. Vietnam has not adopted IFRS Standards. National standards are required.

When did Thailand adopt IFRS?

2011
The FAP has announced a plan to fully adopt IFRSs as the Thai GAAP for the fifty actively trading listed companies in the Stock Exchange of Thailand (SET 50) in 2011. Thereafter, full adoption of IFRSs by SET 100 are planned for 2013.

Do banks apply IFRS 7?

Overview of IFRS 7 replaces the disclosures previously required by IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions. puts all of those financial instruments disclosures together in a new standard on Financial Instruments: Disclosures.

What accounting standards does Vietnam use?

International Financial Reporting Standards (IFRS) are global accounting standards issued by the International Accounting Standard Board (IASB) to guide the preparation and presentation of financial reports. Vietnam uses IFRS as a basis for its own system, the Vietnamese Accounting Standards (VAS).

What is the difference between IFRS and VAS?

In general, while IFRS is based on principles, VAS is mainly rules-based accounting. The proposal is expected to have a significant impact to the accounting practice in Vietnam and to integrate the Vietnam financial market deeper to the regional and global financial markets.

What are the International Accounting Standards for Thailand?

Updated 16 March 2021: Thai Accounting Standards and Financial Reporting Standards are announced by Thailand Federation of Accounting Professions and correspond with the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS).

Do you need IFRS to do business in Thailand?

No. Thai Accounting Standards are required. Thai Accounting Standards are substantially converged with IFRS Standards, though the financial instruments Standards that are part of IFRS Standards have not yet been adopted. Thai Accounting Standards include several national financial instruments standards that differ from IFRS Standards.

What’s the difference between Thai GAAP and IFRS?

A comparison of IFRS and Thai GAAP Key Differences between Thai Accounting Standards (TAS) and International Financial Reporting Standards (IFRS) Thai GAAP is issued by the Federation of Accounting Professions. Thai GAAP is based on IFRS. Many Thai GAAPs have been revised in a recent year to align with the current IFRS.

Are there any financial reporting standards for SMEs in Thailand?

Thailand is in the process of adopting IFRS for SMEs, which will be known as the Thai Financial Reporting Standard for SMEs. The issuing of accounting standards in Thailand requires the approval of the Accounting Professions Regulatory Commission and publication in the Royal Gazette.