Extent of IFRS application | Status | Additional Information |
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IFRS Accounting Standards are required for domestic public companies | 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. TFRSs are required for Publicly Accountable Entities (PAEs), including listed companies. | |
IFRS Accounting Standards are permitted but not required for domestic public companies | ||
IFRS Accounting Standards are required or permitted for listings by foreign companies | IFRS Standards are permitted. | |
The IFRS for SMEs Accounting Standard is required or permitted | No. | |
The IFRS for SMEs Accounting Standard is under consideration | No. |
Profile last updated: 26 November 2021
Yes.
The commitment is stated in Thai on the Federation’s website:
https://acpro-std.tfac.or.th/standard/1/Thai-Financial-Reporting-StandardsThailand has adopted all effective IFRS Standards (including all IFRS and IAS Standards and IFRIC Interpretations and SIC Interpretations), known as Thai Financial Reporting Standards (TFRSs) translated from IFRS Standards normally with a one-year delay in effective date from that of the IFRS Standards, with early adoption permitted.
The one-year delay is due to the need to translate the IFRS Standards into Thai and to complete the TFAC’s due process. The TFAC’s stated policy is that TFRS Standards will be effective no later than one year from the IFRS Standards’ effective date.
For example, all IFRS Standards in the ‘Blue Book’ Bound Volume 2020 would be effective in Thailand on 1 January 2021 with early adoption permitted. IFRS 17 would be effective in Thailand on 1 January 2024.
a. | Thailand started the process of aligning TFRS closely with IFRS Standards in 2011. |
b. | TFRSs are required for Publicly Accountable Entities (PAEs) |
c. | This guideline addresses specific issues not covered by IFRS Standards:
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d. | This guideline addresses financial instruments and disclosure for insurance businesses during the temporary exemption of IFRS 9 that will be superseded when IFRS 17 become effective in Thailand:
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TFAC is also revising the accounting standard for Non-Publicly Accountable Entities (NPAEs). From 1 January 2020 the revaluation method is permitted for the measurement of property, plant and equipment, and Investment Property maybe measured at fair value.
Thailand has adopted all effective IFRS Standards (including all IFRS standards, IAS, IFRIC and SIC), known as TFRS which were translated from the IFRS Standards with a one-year delay in effective date from that of the IFRS Standards with early adoption permitted.
TFRSs are required for Publicly Accountable Entities (PAEs), including listed companies.
There are two stock exchanges in Thailand:
Thai Financial Reporting Standards (TFRSs) as adopted by the TFAC and published in the Government Gazette are required for the following entities:
See details above in the Commitment to Global Financial Reporting Standards section for this profile.
The English version of IFRS Standards is not automatically adopted in Thailand because the official language is Thai. The process that the TFAC uses in adopting IFRS Standards is as follows:
The standard becomes effective after publication in the Gazette.