International Financial Reporting Standards 

The past two years have seen a historic change in financial reporting across the globe with companies in over 90 countries now sharing a common framework and guidance with 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 are committed to be inline with IFRS and discussions are being held for future convergence towards IFRS for companies listed in the Stock Exchange of Thailand.

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.

Somboon Supasiripinyo
Somboon Supasiripinyo
Partner, Audit

Head of IFRS & DPP

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