Thai Financial Reporting Standards (Revised 2016)

Thai Financial Reporting Standards (Revised 2016)

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Revised 2016

            Thai Financial Reporting Standards (TFRS) contain copyright material of the IFRS® Foundation (Foundation) in respect of which all rights are reserved.

            Reproduced and distributed by the Federation of Accounting Professions with the permission of the Foundation within the Kingdom of Thailand only. No rights granted to third parties to reproduce, store in a retrieval system or transmit in any form or in any means without the prior written permission of the Federation of Accounting Professions and the Foundation.

            Thai Financial Reporting Standards (TFRS) are issued by the Federation of Accounting Professions in respect of their application in the Kingdom of Thailand and have not been prepared or endorsed by the International Accounting Standards Board (Board).

            Thai Financial Reporting Standards (TFRS) are not to be distributed outside of the Kingdom of Thailand.

 

Amendment to Standards in this version (revised 2016) 

There are 15 amendments to TFRSs in this version (revised 2016) and 1 Thai Accounting Guidance, please see the summary standards as follows; 

Thai Financial Reporting Standards Subject to Amendment
TAS 1 (revised 2016) - Disclosure Initiative
TAS 16 (revised 2016) - Clarification of Acceptable Methods of Depreciation and Amortisation
- Agriculture: Bearer Plants
TAS 19 (revised 2016) - Discount rate: regional market issue
TAS 27 (revised 2016) - Equity Method in Separate Financial Statements
TAS 28 (revised 2016) - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
- Investment Entities: Applying the Consolidation Exception
TAS 34 (revised 2016) - Disclosure of information ‘elsewhere in the interim financial report’
TAS 38 (revised 2016) - Clarification of Acceptable Methods of Depreciation and Amortisation
TAS 41 (revised 2016) - Agriculture: Bearer Plants
TFRS 5 (revised 2016) - Changes in methods of disposal
TFRS 10 (revised 2016) - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
- Investment Entities: Applying the Consolidation Exception
TFRS 11 (revised 2016) - Accounting for Acquisitions of Interests in Joint Operations
TFRS 12 (revised 2016) - Investment Entities: Applying the Consolidation Exception

Please see the more detail of the Amendment Click

                     

            The amendment to Thai Accounting Standards (which are accounting standards that solely adopted in Thailand) for 3 standards and the Thai Accounting Guidance for insurance business.

Thai Financial Reporting Standard Subject of Amendment
TAS 104 (revised 2016) - Definition of ‘Fair value’ to be in line with TFRS 13 (revised 2016)
TAS 105 (revised 2016) - Definition of ‘Fair value’ to be in line with TFRS 13 (revised 2016)
- Transfers from investment in subsidiaries, associates or joint venture to other investment and transfer from other investment to investment in subsidiaries, associates or joint venture
TAS 107 (revised 2016) - Definition of ‘Fair value’ to be in line with TFRS 13 (revised 2016)
- Disclosure of ‘Fair value’ to be in line with IFRS 7
Thai Accounting Guidance
for insurance business
The guidance are consist of
- Option to designate a financial asset as measured at fair value through profit or loss
- Initial measurement
- Subsequent measurement
- Gains and Losses
- Reclassifications
- Disclosures and Presentation

            For the other standards which are not described in the table mentioned above, are the standards which are changed only wording and the reference of the version of the standards. There are no any significant changes in the standards.

  
The approved process of TFRS by Sub-Committee and Committee

1. Thai Accounting Standard-Setting Committee
2. Accounting Standard Scrutinizing Sub-Committee
3. Federation of Accounting Professions Board
4. Oversight Committee on Accounting Professions
5. On process for announced in Royal Gazette
6. Announced in Royal Gazette

Remark: Draft of Thai Financial Reporting Standards which are approved by The Thai Accounting Standards – Setting Committee, the entity can download it to understand and prepare yourself.

Due Process of Thai Financial Reporting Standards (Due processClick

Thai Accounting Standards – Setting Committee translated and adopted Thai Financial Reporting Standards (“TFRS”) revised 2016 based on the 2016 edition of the bound volume of International Financial Reporting Standards (“IFRS”) (Bound Volume 2016 Consolidated without early application) which are effective in Thailand for annual reporting periods beginning on or after 1 January 2017.

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

No. Ref. Title Date of publishing draft Effective date Progress Date in the Royal Gazette Remark
1 TAS 1
(revised 2016)
Presentation of Financial Statements 6 Jul 2016 1 Jan 2017 6 28 Nov 2016
2 TAS 2
(revised 2016)
Inventories 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
3 TAS 7
(revised 2016)
Statement of Cash Flows 27 apr 2017 1 Jan 2017 6 15 Nov 2016
4 TAS 8
(revised 2016)
Accounting Policies, Changes in Accounting Estimates and Errors 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
5 TAS 10
(revised 2016)
Events after the Reporting Period 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
6 TAS 11
(revised 2016)
Construction Contracts 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
7 TAS 12
(revised 2016)
Income Taxes 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
8 TAS 16
(revised 2016)
Property, Plant and Equipment 3 Jun 2016 1 Jan 2017 6 15 Nov 2016
9 TAS 17
(revised 2016)
Leases 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
10 TAS 18
(revised 2016)
Revenue 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
11 TAS 19
(revised 2016)
Employee Benefits 6 Jul 2016 1 Jan 2017 6 28 Nov 2016
12 TAS 20
(revised 2016)
Accounting for Government Grants and Disclosure of Government Assistance 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
13 TAS 21
(revised 2016)
The Effects of Changes in Foreign Exchange Rates 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
14 TAS 23
(revised 2016)
Borrowing Costs 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
15 TAS 24
(revised 2016)
Related Party Disclosures 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
16 TAS 26
(revised 2016)
Accounting and Reporting by Retirement Benefit Plans 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
17 TAS 27
(revised 2016)
Separate Financial Statements 3 Jun 2016 1 Jan 2017 6 15 Nov 2016
18 TAS 28
(revised 2016)
Investments in Associates and Joint Ventures 3 Jun 2016 1 Jan 2017 6 15 Nov 2016
19 TAS 29
(revised 2016)
Financial Reporting in Hyperinflationary Economies 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
20 TAS 33
(revised 2016)
Earnings per Share 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
21 TAS 34
(revised 2016)
Interim Financial Reporting 6 Jul 2016 1 Jan 2017 6 28 Nov 2016
22 TAS 36
(revised 2016)
Impairment of Assets 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
23 TAS 37
(revised 2016)
Provisions, Contingent Liabilities and Contingent Assets 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
24 TAS 38
(revised 2016)
Intangible Assets 6 Jul 2016 1 Jan 2017 6 28 Nov 2016
25 TAS 40
(revised 2016)
Investment Property 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
26 TAS 41
(revised 2016)
Agriculture 3 Jun 2016 1 Jan 2017 6 15 Nov 2016
27 TFRS 2
(revised 2016)
Share-based Payment 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
28 TFRS 3
(revised 2016)
Business Combinations 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
29 TFRS 4
(revised 2016)
Insurance Contracts 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
30 TFRS 5
(revised 2016)
Non-current Assets Held for Sale and Discontinued Operations 6 Jul 2016 1 Jan 2017 6 28 Nov 2016
31 TFRS 6
(revised 2016)
Exploration for and Evaluation of Mineral Resources 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
32 TFRS 8
(revised 2016)
Operating Segments 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
33 TFRS 10
(revised 2016)
Consolidated Financial Statements 6 Jul 2016 1 Jan 2017 6 28 Nov 2016
34 TFRS 11
(revised 2016)
Joint Arrangements 3 Jun 2016 1 Jan 2017 6 15 Nov 2016
35 TFRS 12
(revised 2016)
Disclosure of Interests in Other Entities 3 Jun 2016 1 Jan 2017 6 15 Nov 2016
36 TFRS 13
(revised 2016)
Fair Value Measurement 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
Remark: There was no change in the Conceptual Framework for Financial Reporting in revised 2015.
TFRIC Interpretations and SIC Interpretations
37 TSIC 10
(revised 2016)
Government Assistance-No Specific Relation to Operating Activities 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
38 TSIC 15
(revised 2016)
Operating Leases-Incentives 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
39 TSIC 25
(revised 2016)
Income Taxes-Changes in the Tax Status of an Entity or its Shareholders 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
40 TSIC 27
(revised 2016)
Evaluating the Substance of Transactions Involving the Legal Form of a Lease 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
41 TSIC 29
(revised 2016)
Service Concession Arrangements: Disclosures 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
42 TSIC 31
(revised 2016)
Revenue-Barter Transactions Involving Advertising Services 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
43 TSIC 32
(revised 2016)
Intangible Assets-Web Site Costs 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
44 TFRIC 1
(revised 2016)
Changes in Existing Decommissioning, Restoration and Similar Liabilities 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
45 TFRIC 4
(revised 2016)
Determining whether an Arrangement contains a Lease 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
46 TFRIC 5
(revised 2016)
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
47 TFRIC 7
(revised 2016)
Applying the Restatement Approach under TAS 29 Financial Reporting in Hyperinflationary Economies 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
48 TFRIC 10
(revised 2016)
Interim Financial Reporting and Impairment 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
49 TFRIC 12
(revised 2016)
Service Concession Arrangements 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
50 TFRIC 13
(revised 2016)
เCustomer Loyalty Programmes 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
51 TFRIC 14
(revised 2016)
TAS 19-The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
52 TFRIC 15
(revised 2016)
Agreements for the Construction of Real Estate 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
53 TFRIC 17
(revised 2016)
Distributions of Non-cash Assets to Owners 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
54 TFRIC 18
(revised 2016)
Transfers of Assets from Customers 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
55 TFRIC 20
(revised 2016)
Stripping Costs in the Production Phase of a Surface Mine 13 Jun 2016 1 Jan 2017 6 15 Nov 2016
56 TFRIC 21
(revised 2016)
Levies 13 Jun 2016 1 Jan 2017 6 15 Nov 2016

 

Thai Accounting Standards

(which is accounting standard that solely adopted in Thailand)

            Thai Accounting Standards – Setting Committee revised Thai Accounting Standards (which are accounting standard that solely adopted in Thailand) to be inline with other related international accounting standard which are effective in Thailand for annual reporting periods beginning on or after 1 January 2017.

No. Ref. Title Date of publishing draft Effective date Progress Date in the Royal Gazette Remark
1 TAS 104
(revised 2016)
Accounting for Troubled Debt Restructuring 20 Jun 2016 1 Jan 2017 6 28 Nov 2016
2 TAS 105
(revised 2016)
Accounting for Investments in Debt and Equity Securities 20 Jun 2016 1 Jan 2017 6 28 Nov 2016
3 TAS 106
(revised 2016)
Accounting For Investment Entities In the process 1 Jan 2017 -
4 TAS 107
(revised 2016)
Financial Instruments: Disclosure and Presentation 20 Jun 2016 1 Jan 2017 6 28 Nov 2016

 

Post Date :
27 Oct 2017 16:30:21
 130464
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