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ACCOUNTING STANDARDS

THAILAND

SOUTH KOREA

DEFINITION OF TERMS
TAS - Thai Accounting Standards
ASC - Accounting Standard-Setting Committee
MOC - Ministry of Commerce

KFAS - Korean financial accounting standards


KASB - Korea Accounting Standards Board
FSC - Financial Supervisory Commission (Korea)

ADOPTION OF IFRS
29 Thai Accounting Standards are comparable to the
IFRS.
8 Thai Accounting Standards are not applicable for
non-public companies. These are:
TAS 24: Segment Reporting,
TAS 25: Cash Flow Statements,
TAS 36: Impairment of Assets,
TAS 44: Consolidated and Separate Financial
Statements,
TAS 45: Investments in Associates,
TAS 46: Interests in Joint Ventures,
TAS 47: Related Party Disclosures,
TAS 48: Financial InstrumentsDisclosure and
Presentation.
Largely consistent with IFRS.
Major differences:
(a) the KFAS require a statement of appropriations of
retained earnings, while the IAS require a statement
of changes in shareholders' equity;
(b) the KFAS do not provide requirements or
guidance for financial reporting in hyperinflationary
economies, while its counterpart does;
(c) the KFAS do not allow revaluation of fixed assets,
while the IAS allow and provide specific guidance on
revaluation;
(d) in the area of consolidated accounts, the KFAS
are more specific;
(e) for a lease, the KFAS differ from the IAS in that
they calculate the carrying value of its receivable and
identify the discount rate;
(f) while the IAS 19 specifies a detailed set of
disclosure items for each type of pension plans, the
KFAS do not have such details;
(g) in determining reportable segments, the KFAS are
more rigid, but do not distinguish the reporting
format of primary segment from that of
supplementary segment(s);
(h) the IAS prescribe a separate disclosure for income
taxes recognized as an extraordinary item or income
taxes arising from discontinuing operations, while the