The Relationship between Compliance with Thai Financial Reporting Standard for Small and Medium-Sized Entities (TFRS FOR SMEs) and Efficiency of Tax Auditors in Thailand

Abstract

The purpose of this study is to examine the relationship between compliance with the Thai Financial Reporting Standards for Small and Medium-Sized Entities (TFRS for SMEs) and efficiency of tax auditors in Thailand. The samples were 312 tax auditors in Thailand who had authorities to sign their names. It was found that most of the samples were female at the ages of 31 – 40 years with higher degrees than Bachelor’s degree, lower than three years of experiences in auditing and accounting certification, participations in tax auditing training for 10 – 15 hours/year, and additional legal knowledge.

The tax auditors had opinions towards the compliance as follows: 1) the level of the opinions towards financial statement presentation was high in all aspects; 2) the levels of asset and liability measurements were moderate in terms of investment in subsidiaries, investment in associates and joint venture, the level were high for property, plant and equipment, investment property, borrowing costs and intangible assets; and 3) the levels of the opinions were moderate in terms of revenue and expense recognition, special programs for customers, employees’ benefits, and share-based payments, and the levels were high in terms of revenue recognition from selling real estates and income tax. Moreover, the level of the opinions towards the operating conditions of the tax auditors was high in all aspects.

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