Does Thailand follow IFRS?
Yes. Thailand has adopted all effective IFRS Standards (including all IFRS Standards, IAS, IFRIC and SIC Interpretations), known as Thai Financial Reporting Standards (TFRS) translated from the IFRS Standards normally with a one-year delay in effective date from that of the IFRS Standards with early adoption permitted.
What is the difference between accounting standards and IFRS?
IFRS is issued by the International Accounting Standards Board (IASB)….Difference between GAAP and IFRS.
| IFRS | GAAP |
|---|---|
| Stands for | |
| International Financial Reporting Standard | Generally Accepted Accounting Principles |
| Developed by | |
| International Accounting Standard Board (IASB) | Financial Accounting Standard Board (FASB) |
What is Thai GAAP?
Thai GAAP means generally accepted accounting principals in Thailand as in effect as of the date of this Indenture.
What accounting standards does Vietnam use?
Vietnam uses IFRS as a basis for its own system, the Vietnamese Accounting Standards (VAS), yet there are key differences between the two.
Which jurisdictions use IFRS?
Use of IFRS by jurisdiction
| Domestic listed companies | ||
|---|---|---|
| Code | Jurisdiction | Audit report states compliance with IFRS |
| AT | Austria | No. ‘As Adopted by EU’ |
| AU | Australia | Yes |
| AZ | Azerbaijan | Yes |
Is IFRS stricter than GAAP?
IFRS is principles-based, whereas GAAP is rules-based. Essentially, this means that GAAP is far stricter than IFRS, offering specific rules and procedures that leave little room for interpretation. By contrast, IFRS provides general guidelines that companies are encouraged to interpret to the best of their ability.
What is the difference between Thai accounting standards and IFRS Standards?
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 are the Thai financial reporting standards (TFRs)?
Thai Financial Reporting Standards adapted by accounting practitioners in preparation of the annual financial report are composed of 3 parts as follows: Thai Financial Reporting Standards, which are in line with the international financial reporting standard announced by IFRS;
What is the official language of Thailand for accounting?
The official language in Thailand is Thai. Thus, accounting standards that are to be enforced as laws are required to be in Thai by the Accounting Professions Act of B.E. 2004. Therefore, the IFRS Standards in English cannot be directly endorsed in Thailand.
When will the FAP issue the Thai equivalent of international financial reporting standards?
Between now and 2019, the FAP plans to issue Thai equivalents of IFRS 9, IAS 32 and IFRS 7 in 2017, and to encourage early adoption. The FAP plans to adopt IFRS 15 Revenue from Contracts with Customers) in 2019, IFRS 16 Leasesin 2020, and IFRS 17 Insurance Contractstentatively in 2022 (one-year delay from the expected IFRS 17 effective date).