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 |
Accounting for Troubled Debt Restructuring | 1 Jan 2017 | 28 Nov 2016 |
|
TAS 105 |
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 |
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@tfac.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.
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.
