PANEL SEEKS TO EASE IMPACT OF RULE CHANGE

Economy May 12, 2018 01:00

By The Nation

The subcommittee on education measures to reduce the impact from the adoption of new accounting standards of financial instruments (IFRS9) has agreed to collaborate with the Bank of Thailand and the Federation of Accounting Processions, under the Royal Patronage of His Majesty the King, to minimise the disruption to businesses and decide the date of implementation. 



The subcommittee comprises representatives from the Federation of Accounting Procession, Securities and Exchange Commission of Thailand, Bank of Thailand, Joint Standing Committee on Commerce, Industry, and Banking, Fiscal Policy Office of Finance Ministry, and Business Development Department of Commerce Ministry.

Commerce Ministry’s permanent secretary Nantawan Sakuntanak said after the meeting yesterday that IFRS is the financial reporting standards used in 140 countries and Thaland should also adopt it. . 

The collaborative parties will forward their proposals in their next meeting.