List of Particulars Required for Financial Statement Starting in Fiscal Year 2024
The Department of Business Development is currently reviewing a Draft Announcement Re: Department of Business Development Prescribing the Brief Particulars for Financial Statement B.E. …. (“Announcement”). This Announcement, which is accessible on the Law Portal Website and open for public hearing, outlines the required brief particulars and their definitions for different types of juristic persons. These juristic persons are obligated to maintain proper accounts, perform bookkeeping for their business operations, and prepare and submit financial statements under Sections 8 and 11 of the Accounting Act B.E. 2543 (2000) (“Act”).
To ensure compliance, the following List of Brief Particulars must be applied to the financial statements of each type of juristic person:
- Registered partnership (List of Brief Particulars no.1)
- Limited company (List of Brief Particulars no.2)
- Public limited company (List of Brief Particulars no.3)
- Juristic person established under foreign law but operating a business in Thailand (List of Brief Particulars no.4)
- Joint venture under the Revenue Code (List of Brief Particulars no.5)
Compared to previous announcements in fiscal years 2011, 2016, and 2019, the current Lists of Brief Particulars have undergone revisions. For instance, the brief particulars for limited companies now include additional terms such as “Current unbilled completed work”, “Current tax assets”, “Current biological assets” and “Non-current assets held for sale.”
It is important to note that juristic persons in items 1, 2, 4, and 5 above do not meet the requirements of the Thai Financial Reporting Standard of the Federation of Accounting Professions, i.e. no interests in public interests, must prepare their financial statements in accordance with List of Brief Particulars no.3.
However, juristic persons in items 1, 2, 4, and 5 that fulfill the conditions of the Thai Financial Reporting Standard of the Federation of Accounting Professions and prefer to prepare their financial reports under the Thai Financial Reporting Standard as a business involved with the public interest (TFRS for PAEs), must also prepare their financial statements in accordance with List of Brief Particulars no.3.
Furthermore, juristic persons required to prepare financial statements using List of Brief Particulars no.3 can choose one type of statement of comprehensive income from the options provided in the Announcement.
If Juristic persons’ business nature and conditions are not related to any of the brief particulars listed in the Announcement, they may omit those particular details from their financial statements.
The List of Brief Particulars in this Announcement is solely applicable to juristic persons operating general businesses, not those who are under specific regulations.
This Announcement will be enforced for financial statements beginning on or after January 1, 2024. It is crucial for relevant juristic persons to familiarize themselves with this Announcement, as non-compliance may result in a fine not exceeding five thousand Baht under Section 31 of the Act.
Author: Panisa Suwanmatajarn, Managing Partner.
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