Seeking Accounting Service in Thailand for SMEs? Did the Jurisdiction Adopt Any IFRS for SMEs?

Allow me to take one question at a time. Before pinning down to any one of the above; questions like, ‘is there any global accounting standard?’ needs to be answered first. This has been quite a common query amongst many, especially the ones who searched for accounting service in Thailand. Moreover, having a brief overview of the bigger picture will help you understand the smaller scene too.
If you think that in a time of globalization, a certain standard will be accepted by all the countries that may not be the case in reality. Of course, there is a move towards International Financial Reporting Standards as 100 countries, including Thailand have already taken the initiative, but the biggest economy of the world (USA) seems to continue with their own GAAP standard.
As for Thailand they follow two tiers of Thai accounting standards (TAS) and Thai Financial Reporting Standards (TFRS);

• TFRS for the PAE (publicly accountable entities) that follow International Financial Reporting Standards (IFRS), and
• TFRS for non-PAE

Now the question is whether the jurisdiction has adopted International Financial Reporting Standards for the SMEs; if not all, but some. A lot of SMEs are apparently asking the same question. Well, if you ask me, then ‘no’. Though the IFRS for the SMEs is presently under FAP’s adoption due process, it is likely that it will be effective from 1st January 2019 onwards. In relation to the same, a study has been under progress as which kind of entity is needed to adopt the TFRS for the SMEs. Below mentioned is the proposed plan;

• Tier 1 will need to apply TFRS for the SMEs in full
• Tier 2 will need to apply TFRS for SMEs along with the exception of a few sections.

However, the criteria for separation between both are in the process of discussion.
As for the present scenario, SMEs in Thailand are liable to use either TAS or NPAEs. In fact, the FAP said that Thai GAAP is short and simple as it uses historical cost measurement.
However, if you are looking for accounting in Thailand you may expect to enjoy these many services;

• Creating Monthly Reports
• Value Added Tax
• Annual Tax Return
• Record Accounting Transactions
• Withholding Tax
• Withholding Tax Return
• Schedules for Financial Statements
• Mid-Year Tax Return
• Bank Accounting Set Up
• Preparation of Checks
• Annual Tax Return
• Submitting Annual Financial Statement to the Thai Government
• Payment Transfers

But of course, the services often differ from one company to another. If you find our accounting services suitable for your needs, you may write to us or give us a call. We will be delighted to get you covered.