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ResourcesCorporate and Tax AdvisoryThailand Corporate LawAuthorities Discuss Implementation of IFRS 9 in Thailand

Authorities Discuss Implementation of IFRS 9 in Thailand

Transcript of the above video:

As the title to this video suggests, we are discussing the IFRS 9. Quoting directly from the Bangkok Post,  The article is entitled:  IFRS 9 Adoption Queried. This article came out  May 10, 2018. Quoting directly: “Thailand's adoption of the International Financial Reporting Standard 9 (IFRS 9) does not have to follow the strict standard being implemented in developed countries, especially if there are adverse effects on small businesses and retail customers Said Finance Minister Apisak Tantivorawong.” Quoting further: “Business operators recently asked the Federation of Accounting Professionals to postpone the effective deadline to submit statements in accordance with IFRS 9 to early 2022.  The International Accounting Standards Board introduced IFRS 9 in response to the 2008 global financial crisis. The mandatory effective date for implementation is Jan 1, 2018.” So those who are really interested in this issue, I urge you to check out, again the title IFRS 9 Adoption Queried.

Just some quick commentary from me on this. I have tried to make it abundantly clear on this channel that I think Accounting and Compliance issues are going to become increasingly strict here in the Kingdom. This is no different in the financial sphere, the ecosystem in which financial operators operate especially with respect to banking compliance, know your customer type of regulations, this is all going to be tightened up as we move forward. As I have noted in another video on this channel, for example Thailand and the United States currently have a mutual Memorandum of Understanding which basically, those two jurisdictions are sharing each other’s bank account information on each other’s expats with each other and for this reason, that I think is a pretty major sea change with respect to rules regarding banking compliance, things like FBARs and FATCA etc., whereas in this matter, it appears that Thailand is at least attempting to go ahead and get more in alignment with global regulations with respect to financial institutions and the transparency associated therewith. Clearly this is not going to happen overnight. Clearly, we are probably going to see aspects of this which may be very difficult to implement within the Kingdom and again there are going to be aspects on this which they can pretty readily put into place.

So how all this shakes out remains to be seen. I will do another video on this channel if we see further development in the story specifically but I thought it was notable because this is a rather significant upgrade of the reporting and the standards and the sort of accountability associated with dealings here in the Kingdom.