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Thai Financial Reporting Standard (Group of Financial Instruments)

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Thai Financial Reporting Standard (Group of Financial Instruments)

            Thai Accounting Standards – Setting Committee is preparing Thai Financial Reporting Standard - Group of Financial Instruments based on the 2018 edition of the bound volume of International Financial Reporting Standards (“IFRS”) which expected to be effective in Thailand on 1 January 2020 onwards. Earlier application is permitted, an entity shall apply in annual periods beginning on or after 1 January 2019.

TAS = Thai Accounting Standards TFRS = Thai Financial Reporting Standards
TSIC = TSIC Interpretations TFRIC = TFRIC Interpretations

 

Process

1 = Approval by the Thai Accounting Standards – Setting Committee
2 = Approval by the Accounting Standard Scrutinizing Sub-Committee
3 = Approval by the Federation of Accounting Professions Committee
4 = Approval by the Oversight Committee on Accounting Professions
5 = On process for announced in Royal Gazette
6 = Announced in Royal Gazette

Ref. Title Issue date Process Effective date Date in the Royal Gazette
TFRS 9 Financial Instruments 19 Dec 2016 6 1 Jan 2020 21 Sep 2018
TFRS 7  Financial Instruments: Disclosures 20 Dec 2016 6 1 Jan 2020 21 Sep 2018
TAS 32 Financial Instruments: Presentation 9 Dec 2016 6 1 Jan 2020 21 Sep 2018
TFRIC 16 Hedges of a Net Investment in a Foreign Operation 26 Jan 2017 6 1 Jan 2020 21 Sep 2018
TFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 26 Jan 2017 6 1 Jan 2020 21 Sep 2018

Thai Accounting Guidance (Group of Financial Instruments)

            The Thai Accounting Standards – Setting Committee prepared Thai Accounting Guidance about the financial instruments. There are 3 Guidance, the first one is in the due process that expected to be apply in Thailand in annual periods beginning on or after 1 January 2020 and the other 2 Guidance already announced in Royal Gazette which apply in Thailand in annual periods beginning on or after 1 January 2017. The other 2 Guidance will be cancelled when (a) TFRS 9 is effective on 1 January 2020 or (b) when the entity is earlier applied TFRS 9 before the effective date.

Ref. Title Effective date Date in the Royal Gazette
Draft Insurance - FI
& Disclose
Draft Financial instruments and disclosures for Insurance business (only Insurance business) 1 Jan 2020

Insurance .FVTPL

Insurance business to designation of financial instruments at fair value through profit or loss 1 Jan 2017 28 Nov 2016

Derecognition

Derecognition of financial assets and financial liabilities 1 Jan 2017 10 May 2016


Thai Accounting Standard (Group of Financial Instruments)

            The Thai Accounting Standards – Setting Committee prepared and revised Thai Accounting Standards which are not translated from International Financial Reporting Standard (IFRS). In 2016, the committee revised 3 Thai Accounting Standards in accordance with relevance IFRS. These revised standards are effective on 1 January 2017 onwards. However, these Thai Accounting Standards will be cancelled when (a) TFRS 9 is effective on 1 January 2020 or (b) when the entity is earlier applied TFRS 9 before the effective date.

Ref. Title Effective date Date in the Royal Gazette

TAS 101

Doubtful Accounts and Bad Debts 1 Jan 1989 30 Oct 2006

TAS 103

Disclosures in the Financial Statements of Banks and Similar Financial Institutions 1 Jan 2007 30 Oct 2006

TAS 104 
(revised 2016)

Accounting for Troubled Debt Restructuring 1 Jan 2017 28 Nov 2016

TAS 105
(revised 2016)

Accounting for Investments in Debt and Equity Securities 1 Jan 2017 28 Nov 2016

TAS 106

Accounting For Investment Entities 1 Jan 2000 28 Nov 2000

TAS 107 
(revised 2016)

Disclosure and Presentation of Financial Instruments 1 Jan 2017 28 Nov 2016

TI-9

Assets Transferred by Debtors for Debt Settlement 31 Dec 2003 5 Nov 2003


Articles/ News about TFRS (Group of Financial Instruments)

Date Title
01/05/2561 Financial Instruments: Disclosures Click
01/06/2560 Article: “Accounting for Financial Instruments” (4 parts) Click
29/05/2560 Summary paper: “Public Hearing of TFRS about Financial Instruments (TFRS 9,TFRS 7 and TAS 32)” Click
14/03/2560 Public Hearing to listen to, and exchange views on issues, company affected and transition of Thai Financial Reporting Standard 9 Financial Instruments for Financial institutions Click
28/03/2560 Public Hearing to listen to, and exchange views on issues, company affected and transition of Thai Financial Reporting Standard 9 Financial Instruments for Insurance business and Non-Financial institutions Click
06/03/2560 Article: “Due process - “Preparation of Financial Instruments” Public hearing draft Thai Financial Reporting Standard 9 Financial Instruments Click
16/06/2559
Article: Forward Contract and Hedge Accounting Click
08/03/2559 Article: “Accounting direction for Forward contract” Click
30/10/2558 Article: “Financial Reporting Standard about Hedging” Click

Explanation/Question-Answer/Illustrative examples

No.
Title Download
1 Explanation: Early adoption of Thai Financial Reporting Standard
- Group of Financial Instruments
Download
2 Q&A: TFRS 9 Download
3 EIR: Effective interest rate
Explanation: Calculated by using the Effective interest method Download
Ex 1: Change in the interest rate in each year Download
Ex 2: Change in the interest rate in each year and Front-End Fee Download
Ex 3: Change in the interest rate in each year and paid off overtime Download
Ex 4: Change in the interest rate in each year and the interest rate is float rate Download

Question & Answer

            Thai Accounting Standards – Setting Committee, the Federation of Accounting Professions opened the channel for all users to send the accounting issues/ questions which were related to the financial instruments via e-mail (academic-fap@fap.or.th) and will answer these accounting issues/questions which refer the principle in the accounting standards in order to help and educate the members and general users for clearly applying the standards.
            For the question, you have to fill in by the form as link below for all information (other supporting attachment, if any) and send back to the e-mail as mention above. The form will help us answer your question suddenly and more accurately.

  • Form for asking about Thai Financial Reporting Standard - Group of Financial Instruments Download

Remark:
            The answer will send back within 14 days except the question that is complex or have to use the significant judgement. That question has to discuss and consider by the experienced and expert working group committees for more carefully. For this case, the answer will send back within 1 month after the meeting date.

Post Date :
6 Nov 2017 14:15:31
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