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Accounting in Thailand
Let's dwell on the formation of accounting, namely, the principles of auditing, accounting and reporting requirements.
Any partnership or company established in the preparation of accounting allocates 12 months from the date of registration. In the future, accounting reports must be completed each year. If you need to change the reporting period, you must obtain permission of the procedure in writing from the Director General of the appropriate state agency (IRS).
Financial reports should be prepared on a regular basis in each reporting period, according to the law "On Accounting". This rule applies to any legal entity. All accounts must be checked certified public accountant.
After verification of the financial statements copies are sent to the IRS, along with an income tax return (this must be done within 150 days prior to the day of the reporting month). The audited reports submitted to the Ministry of Commerce, where he subsequently kept in the public domain.
The duties include maintaining accounting books and accompanying documents. Closing the book to be kept for at least 5 years from the date of closing.
Chartered accountants and auditors - a respected and authoritative group in Thailand, immediately following the progress of the generally accepted principles of accounting.
It is worth knowing that any accepted method of accounting in the company can be changed only with the permission of the IRS.
The main accounting methods that may be of interest:
In Thailand, the tax code permitted depreciation rates, given the nature of the asset and the depreciation period (may be shorter than the expected time of useful life). Thus, the maximum depreciation rates are not mandatory. When using the low rates in the books of the same point in the tax returns.
Accounting for pension planning
If a pension fund or provident fund does not actually paid to the employee tax which is not taken. The Fund is managed by a licensed necessarily leader and considered fit only in conformity with the Internal Revenue Service. Contributions to the fund are usually not based on current estimates.
Local companies with branches (local or foreign) are not required to perform a consolidation of its financial statements for submission to the government agencies. This rule does not apply to businesses that individually prescribed to file consolidated accounts in the stock market.
The reserve has been appointed by the Company not less than 5% of annual net income for dividends. This is done for as long as this value reaches 10% of the share capital.
Can be declared only in the event of the company's profits and taxed in any case.
Audited financial statements of companies, affiliates, partnerships and other entities certified by an accredited auditor to the Commercial Registrar, as well as the IRS, each reporting period (12 months).
General auditing standards in Thailand meet international standards, recognized and accepted by the authorized auditors.