Training & Seminars Post

TFRS 16

Posted on 21/03/2562

The new standard for leases developed by The Federation of Accounting Professions (FAP), TFRS 16, will take effect in Thailand at the 2020 new year. The new standard will require lessees to bring most lease agreements on-balance sheet, recognizing new assets and liabilities. (TFRS 16 will kick in one year after the effective date of the correlated International Financial Reporting Standard, IFRS 16.) Under the new standard, companies that lease major assets will see an increase in reported assets and liabilities.

In addition, the adoption of TFRS 16 may result in a significant amount of liabilities in financial statements. Consequently, the companies should address the potential impact of TFRS 16 adoption to its stakeholders in the early stages to avoid unexpected outcomes.

To educate such updated, Siam Motors Co., Ltd. has arranged a training course under topic of “TFRS 16” for our 26 companies among Siam Motors Group. In the class, we was honored by Asst. Prof. Wipada Tantiprabha who is Director of MAP: Master of Accounting Program, Department of Accounting on 21 March 2019.