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International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS)

KPMG's insights on the international financial reporting standards and related matters.

KPMG's insights on the international financial reporting standards and related matters.

The past two years have seen a historic change in financial reporting across the globe with companies in over 140 jurisdictions now sharing a common framework and guidance under International Financial Reporting Standards (“IFRS”).

In addition many other countries have announced plans for adoption of, or convergence with IFRS. In Thailand all new standards issued by the Federation of Accounting Professions (“FAP”) are committed to be in line with IFRS. Thailand has targeted to achieve full convergence with IFRS in 2019. Currently almost all TFRS are in line with IFRS except for accounting for financial instruments. For non-financial instruments accounting standards, future amendments to TFRS would be updated and become effective later than changes to the equivalent international standards with a 1-year time delay. For financial instrument accounting standards, Thailand plans to implement IFRS 9 directly in 2019 instead of implementing IAS 39 as an interim measure. Early adoption will be permitted after TFRS 9 has been announced.

Pursuit of adoption of IFRS in Thailand undoubtedly leads to change and concerns about balancing the costs of doing so against the perceived benefits. However, convergence with IFRS in Thailand would mean better quality information which would offer better communication with shareholders and other stakeholders and ultimately lead to lower costs of capital.  

Stakeholders around the world and in Southeast Asia have invested significant sums over the past few years in order to see the adoption of IFRS and a great deal of effort has been shown by businesses, shareholder bodies, regulators and the accounting profession alike. These four groups are equally fundamental to furthering the alignment to and adoption of IFRS in Thailand.  

Therefore, the objectives of KPMG’s IFRS Group in Thailand is to be a driver for educating the financial community in Thailand on IFRS, a contact point for interested parties exploring issues in IFRS and a partner to those organisations pursuing IFRS convergence or adoption. 

Please feel free to explore the many publications dealing with IFRS available on this website, the ways KPMG can help and feel free to contact representatives of our IFRS Group at any time.

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