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Controlling & Management

, Volume 55, Supplement 1, pp 25–29 | Cite as

Thailand’s Convergence to IFRS

  • Martin Klose
  • Patcharee Sabangban
THAILAND

Introduction

In April 2001, the International Accounting Standards Board (IASB) was founded to undertake the responsibilities of the International Accounting Standards Committee (IASC), established in 1973. In 2002, a year after its establishment, the IASB united with the Financial Accounting Standards Board (FASB) to combine their knowledge and develop a set of accounting standards, the so-called International Financial Reporting Standards (IFRS). This replaces certain International Accounting Standards (IAS) and would be compatible with all countries in order to successfully carry out international business affairs and their accounting. Currently, over 100 countries across the world require or permit the use of IFRS as the globalization of businesses has steadily increased. This has caused a growing acceptance of a generalized set of standards for accountants and financial statements/reports’ users, especially for international investors and bankers (KPMG 2010). In addition,...

Keywords

Account Standard International Financial Reporting Standard Account Profession Financial Account Standard Board International Account Standard 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Literature

  1. 1.
    Center for Audit Quality: Guide to International Financial Reporting Standards, September 2009, http://www.thecaq.org/publications/GuidetoIFRS.pdf (accessed 02.12.2010).
  2. 2.
    KMPG: Managing the transition to IFRS: The Journey to 2011, Bangkok, 2008.Google Scholar
  3. 3.
    KPMG: International Financial Reporting Standards: http://www.kpmg.com/TH/en/WhatWeDo/Interest/Pages/IFRS.aspx (accessed 22.10.2010).
  4. 4.
    Department of Business Development, the Ministry of Commerce, www.dbd.go.th (accessed 02.12.2010).
  5. 5.
    Federal of Accounting Professions under The Royal Patronage of His Majesty the King, http://www.fap.or.th (accessed 04.02.2011).
  6. 6.
    Financial Accounting Standard Board (“FASB”), www.fasb.org (accessed 02.12.2010).
  7. 7.
  8. 8.
    International Financial Accounting Standards, www.ifrs.com (accessed 02.12.2010).

Copyright information

© Gabler Verlag Wiesbaden GmbH 2011

Authors and Affiliations

  • Martin Klose
    • 1
  • Patcharee Sabangban
    • 1
  1. 1.Rödl & Partner Management Services Ltd., Empire Tower, Suite 1808/1BangkokThailand

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