Publication: Kingdom of Thailand : Accounting and Auditing
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Date
2008-04
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Published
2008-04
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Thailand has made great efforts over the past ten years to improve the quality of corporate financial reporting. Considerable progress has been made on various fronts to strengthen the institutional framework of accounting and auditing, and to move towards converging Thai national accounting and auditing standards with international benchmarks. This report focuses on areas where stakeholders in the accounting profession in Thailand could consider making changes to strengthen the profession and increase consistency with global benchmarks. The Federation of Accounting Professions (FAP) is the self-regulatory professional body, which is a member of the International Federation of Accountants. The FAP is also the standard-setter, perhaps overly stretched with many responsibilities covered by the volunteer efforts of its members. The FAP develops and reviews accounting standards, as well as audit and ethics standards in line with international good practices. Thailand has in place legislation governing the creation and responsibilities of entities engaged in commercial activities: the accounting act, the accounting professions act, and the public limited companies act. The accounting standard-setting committee reviews international standards and issues these as national standards, through the government processes, thereby significantly reducing the gap between Thai accounting standards and international standards. To aid in the implementation of Thai accounting and auditing standards, there is a need to improve the institutional framework, including the development of a standard-setting strategy and implementation plan, to enhance practical compliance and enforcement of standards. The Securities and Exchange Commission of Thailand (SEC) has established a monitoring and enforcement process. The SEC accounting supervision department co-operates with the federation of accounting professions on evaluation of the quality of auditors. Enriched by significant input from stakeholders, this report makes recommendations for enhancements to the statutory framework, for institutional and policy development; independent reviews of audit practices; development of a strategy for continued convergence of Thai and international accounting standards with adoption of International Financial Reporting Standards (IFRS) for public interest entities; broader training programs on practical application of the new accounting and auditing standards, and code of ethics for professional accountants; and continued development of accountancy curricula and teaching in universities throughout the country.
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“World Bank. 2008. Kingdom of Thailand : Accounting and Auditing. © World Bank. http://hdl.handle.net/10986/8052 License: CC BY 3.0 IGO.”
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