Kingdom of Thailand : Accounting and Auditing
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...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English |
| Published: |
Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/04/10038403/kingdom-thailand-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8052 |
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okr-10986-8052 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING FRAMEWORK ACCOUNTING PERIOD ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTS AFFILIATES AUDIT REPORTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BAD DEBTS BALANCE OF PAYMENT BALANCE SHEET BANK BRANCHES BANK OF THAILAND BANKERS ASSOCIATION BANKING SECTOR BANKING SUPERVISION BOOKKEEPING BUSINESS COMBINATIONS BUSINESS DEVELOPMENT BUSINESS OPERATIONS CAPITAL ADEQUACY CAPITAL MARKET CAPITALIZATION CASH FLOW CASH FLOW STATEMENTS CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CHAMBER OF COMMERCE CHIEF FINANCIAL OFFICERS COMMERCIAL BANKING COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTRIBUTIONS CREDITOR CURRENT ACCOUNT CURRENT ASSETS CURRICULA CURRICULUM DEPOSIT DEVELOPMENT BANK DISCLOSURE REQUIREMENTS EXCHANGE COMMISSION FINANCE COMPANIES FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL ANALYSIS FINANCIAL COMMUNITY FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL POLICY FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SYSTEMS GAAP GOOD PRACTICES GOODWILL HOUSING INCOME INCOMES INFLATION INFORMATION TECHNOLOGY INSURANCE INSURANCE COMMISSIONER INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATES INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT COMPANIES INVESTMENT DECISION INVESTMENT DECISIONS LARGE ENTERPRISES LAWS LEGISLATION LIFE INSURANCE LIVING STANDARDS LOAN LOCAL BUSINESS MANAGEMENT ACCOUNTING MARKET CAPITALIZATION MEDIUM ENTERPRISES NATIONAL INSURANCE PAYMENT SYSTEMS PENALTIES PENSIONS PRIVATE INVESTMENT PRUDENTIAL REGULATIONS PUBLIC CONFIDENCE QUALITY ASSURANCE QUALITY CONTROL QUESTIONNAIRE REAL ESTATE REGULATORY FRAMEWORK RESPONSIBILITIES RETAIL BANKS RISK ASSESSMENT RISK FACTORS RISK MANAGEMENT SALE SALES SAVINGS SECURITIES SENIOR SHARE CAPITAL SMALLER FIRMS STAKEHOLDER STAKEHOLDERS STATE BANKS STATE OWNED BANKS STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY TAXATION TRAINING PROGRAMS TRANSACTION VALUABLE VALUATION VALUATIONS WORTH |
| spellingShingle |
ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING FRAMEWORK ACCOUNTING PERIOD ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTS AFFILIATES AUDIT REPORTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BAD DEBTS BALANCE OF PAYMENT BALANCE SHEET BANK BRANCHES BANK OF THAILAND BANKERS ASSOCIATION BANKING SECTOR BANKING SUPERVISION BOOKKEEPING BUSINESS COMBINATIONS BUSINESS DEVELOPMENT BUSINESS OPERATIONS CAPITAL ADEQUACY CAPITAL MARKET CAPITALIZATION CASH FLOW CASH FLOW STATEMENTS CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CHAMBER OF COMMERCE CHIEF FINANCIAL OFFICERS COMMERCIAL BANKING COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTRIBUTIONS CREDITOR CURRENT ACCOUNT CURRENT ASSETS CURRICULA CURRICULUM DEPOSIT DEVELOPMENT BANK DISCLOSURE REQUIREMENTS EXCHANGE COMMISSION FINANCE COMPANIES FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL ANALYSIS FINANCIAL COMMUNITY FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL POLICY FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SYSTEMS GAAP GOOD PRACTICES GOODWILL HOUSING INCOME INCOMES INFLATION INFORMATION TECHNOLOGY INSURANCE INSURANCE COMMISSIONER INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATES INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT COMPANIES INVESTMENT DECISION INVESTMENT DECISIONS LARGE ENTERPRISES LAWS LEGISLATION LIFE INSURANCE LIVING STANDARDS LOAN LOCAL BUSINESS MANAGEMENT ACCOUNTING MARKET CAPITALIZATION MEDIUM ENTERPRISES NATIONAL INSURANCE PAYMENT SYSTEMS PENALTIES PENSIONS PRIVATE INVESTMENT PRUDENTIAL REGULATIONS PUBLIC CONFIDENCE QUALITY ASSURANCE QUALITY CONTROL QUESTIONNAIRE REAL ESTATE REGULATORY FRAMEWORK RESPONSIBILITIES RETAIL BANKS RISK ASSESSMENT RISK FACTORS RISK MANAGEMENT SALE SALES SAVINGS SECURITIES SENIOR SHARE CAPITAL SMALLER FIRMS STAKEHOLDER STAKEHOLDERS STATE BANKS STATE OWNED BANKS STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY TAXATION TRAINING PROGRAMS TRANSACTION VALUABLE VALUATION VALUATIONS WORTH World Bank Kingdom of Thailand : Accounting and Auditing |
| geographic_facet |
East Asia and Pacific Thailand |
| description |
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. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Kingdom of Thailand : Accounting and Auditing |
| title_short |
Kingdom of Thailand : Accounting and Auditing |
| title_full |
Kingdom of Thailand : Accounting and Auditing |
| title_fullStr |
Kingdom of Thailand : Accounting and Auditing |
| title_full_unstemmed |
Kingdom of Thailand : Accounting and Auditing |
| title_sort |
kingdom of thailand : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/04/10038403/kingdom-thailand-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8052 |
| _version_ |
1764402892577439744 |
| spelling |
okr-10986-80522021-04-23T14:02:35Z Kingdom of Thailand : Accounting and Auditing World Bank ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING FRAMEWORK ACCOUNTING PERIOD ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTS AFFILIATES AUDIT REPORTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BAD DEBTS BALANCE OF PAYMENT BALANCE SHEET BANK BRANCHES BANK OF THAILAND BANKERS ASSOCIATION BANKING SECTOR BANKING SUPERVISION BOOKKEEPING BUSINESS COMBINATIONS BUSINESS DEVELOPMENT BUSINESS OPERATIONS CAPITAL ADEQUACY CAPITAL MARKET CAPITALIZATION CASH FLOW CASH FLOW STATEMENTS CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CHAMBER OF COMMERCE CHIEF FINANCIAL OFFICERS COMMERCIAL BANKING COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTRIBUTIONS CREDITOR CURRENT ACCOUNT CURRENT ASSETS CURRICULA CURRICULUM DEPOSIT DEVELOPMENT BANK DISCLOSURE REQUIREMENTS EXCHANGE COMMISSION FINANCE COMPANIES FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL ANALYSIS FINANCIAL COMMUNITY FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL POLICY FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SYSTEMS GAAP GOOD PRACTICES GOODWILL HOUSING INCOME INCOMES INFLATION INFORMATION TECHNOLOGY INSURANCE INSURANCE COMMISSIONER INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATES INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT COMPANIES INVESTMENT DECISION INVESTMENT DECISIONS LARGE ENTERPRISES LAWS LEGISLATION LIFE INSURANCE LIVING STANDARDS LOAN LOCAL BUSINESS MANAGEMENT ACCOUNTING MARKET CAPITALIZATION MEDIUM ENTERPRISES NATIONAL INSURANCE PAYMENT SYSTEMS PENALTIES PENSIONS PRIVATE INVESTMENT PRUDENTIAL REGULATIONS PUBLIC CONFIDENCE QUALITY ASSURANCE QUALITY CONTROL QUESTIONNAIRE REAL ESTATE REGULATORY FRAMEWORK RESPONSIBILITIES RETAIL BANKS RISK ASSESSMENT RISK FACTORS RISK MANAGEMENT SALE SALES SAVINGS SECURITIES SENIOR SHARE CAPITAL SMALLER FIRMS STAKEHOLDER STAKEHOLDERS STATE BANKS STATE OWNED BANKS STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY TAXATION TRAINING PROGRAMS TRANSACTION VALUABLE VALUATION VALUATIONS WORTH 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. 2012-06-14T18:22:52Z 2012-06-14T18:22:52Z 2008-04 http://documents.worldbank.org/curated/en/2008/04/10038403/kingdom-thailand-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8052 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work East Asia and Pacific Thailand |