The Legality of the Thai Accounting Standards: TASs

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Nares Kesaprakorn


This research article aims to explore the related issues in accounting law and accounting standards, with a special focus on the legality of Thai Accounting Standards- TASs due to lack of legal form like other laws. However, all legal entities were obligated to prepare and submit their financial statements according to accounting standards enforced. Not complying with the Thai Accounting Standards means not complying to the law, while offering a “no knowledge” excuse is considered unacceptable. Hence, legal entities that did not arrange to have their accounting and reporting practices according to the Thai Accounting Standards (TAS) would be sanctioned or entitled to legal penalties, so that effective and efficient enforcement of Thai Accounting standards in Thailand. would be in practice.

The research found that the law has enforced all legal entities to conduct accounting process according to the Thai Accounting Standards-TAS issued by Association of Accounting, which has the legal authority to identify and maintain standards in accounting in Thailand. In the process, the responsible accounting officer is obligated to post the accounting process prescribed by Thai Accounting Standards-TASs. If any legal entity does not comply to the TASs, the auditor is permitted to endorse as “Financial statement is not valid,” by making comments that the financial statement do not comply with TASs. Although TASs has not been promulgated into law yet in Thailand, TASs has been enforced currently with four constituencies, including persons responsible to manage accounting duties, directors, accountant, and auditor. Failure to comply with TASs might be charged with criminal punishment and administrative penalties. Thus, failure to comply with TASs would be considered as “Failure to follow the law.” Hence, enforcing effective and efficient legal measures to manage according to TASs will certainly be significant factor to enhance a legal entity to conduct and disclose accounting with accuracy, completeness, in time, and not leading to misunderstanding amongst stakeholders.


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