What is TFRS ?
Thai Financial Reporting Standards (TFRS) contain copyright material of the IFRS® Foundation (Foundation) in respect of which all rights are reserved. 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).
Roadmap of Thai Financial Reporting Standards: Thai Financial Reporting Standards (”TFRS”) are currently translated and adopted according to International Financial Reporting Standards (“IFRS”). TFRS are based on IFRS latest bound volume with one year delay from the related IFRS effective date.
Thai Financial Reporting Standards which are to be adapted by practitioners in order to prepare the annual financial report are consisted of 3 parts which are:
- Thai Financial Reporting Standards (revised version): which are in line with the international financial reporting standard announced by IFRS
- Thai Accounting Standards: which are accounting standards that are solely adopted in Thailand. Its principles are based on international generally accepted accounting principles.
- Thai Accounting Guidance: which are the guidance that solely adopted in Thailand since there is no principle or guidance determined on international financial reporting standard and international accounting standard
Are you in need of or searching for financial reporting tools that comply with TFRS standards? If so, we recommend the ARGO ERP system, your top accounting assistant. Read more here
Referencing information from the Federation of Accounting Professions.
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Email: support@aresth.co.th
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