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what is the differences bewteen IFRS and TFRS

what is the differences bewteen IFRS and TFRS
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TFRS vs IFRS

Thai Financial Reporting Standards (TFRS) are similar with IFRS except for the industry-specific financial instrument standards. However, the Federation has announced the following upcoming updates:

  • IFRS will be adopted by the Federation one year after its effective day.
  • Additionally, regarding financial instrument standards, the Federation plans for full adoption to be effective in 2019, but it plans to encourage early adoption prior to 2019.

In addition to TFRS, there is a process for accepting a new set of accounting standards for SMEs that is identical to the IFRS for SMEs (amendment 2015). The new standards will be known as Thai Financial Reporting for SMEs (TFRS for SMEs) and are expected to come into effect in 2017.

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