Companies applying Thai Financial Reporting Standards for Non-publicly Accountable Entities (TFRS for NPAEs) need to prepare for some significant changes that will be effective from 1 January 2023, according to EY Partner Kittiphun Kiatsomphob, speaking at a Financial and Accounting Advisory Services webinar on 12 July 2023.
Key Aspects of Draft Amendments to Thai Financial Reporting Standards for Non-publicly Accountable Entities, attended by over 2000 EY clients and other interested parties, took attendees through the key changes that are coming and their impact on financial reporting by NPAEs. There was a particular emphasis on the practical implications for most companies and on helping them identify the key changes.
“The high level of interest in this webinar reflects that this change to TFRS for NPAEs is a major development and companies are aware that they need to start planning now, to ensure they are ready for implementation and select the options that are most appropriate for them.” said Kittiphun.
“Companies also need to understand when they don’t need to make any changes to their financial reporting – unless they want to do so.” added Khun Piyarat Vudjakorn, Partner, Financial and Accounting Advisory Services, who curated the Q&A during the event.
Host for the event was Khun Serm Brisuthikun, Partner, Assurance.