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This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 9 - February 2025 (CUD release)

  • Financial period type: 12-Months (Annual)
  • Target industry type: Manufacturing, Services, and Generic (excluding Financial Services)

Content update

This update confirms that the Thailand Corporate Template includes Illustrative Model Content covering legislative requirements for annual year end reporting.

Legislative updates

The amendments to accounting standards which are effective for annual periods beginning on or after 1 January 2025.
Classification of Liabilities as Current or Non-current – Amendments to TAS 1
The amendment clarifies the criterion to classify liabilities as current or non-current by specifying the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period as a non-current liability.
Non-current Liabilities with Covenants – Amendments to TAS 1
In response to stakeholders’ concerns regarding the classification of liability as current or non-current, the amendment clarifies the criteria for classifying a liability when an entity has the right to defer its settlement for at least 12 months, subject to compliance with covenants. Additionally, the amendment requires disclosure for enabling users of financial statements to understand the risk of the liabilities in such situations.
Lease Liability in a Sale and Leaseback – Amendments to TFRS 16
The amendment added subsequent measurement requirements for sales and leaseback transactions to ensure that the seller or lessee doesn't recognize any amount of the gain or loss that relates to the Right of Use it retains.
Supplier Finance Arrangements – Amendments to TAS 7 and TFRS 7
The amendment requires additional disclosures regarding an entity’s supplier finance arrangements. Additionally, the amendment adds supplier finance arrangement as an example within the liquidity risk disclosure requirements according to TFRS 7.
Insurance Contracts – TFRS 17
The new accounting standard, which replaces TFRS 4, applies to all types of insurance contracts. The overall objective of the standard is to provide a comprehensive accounting principle for insurance contracts that will make financial statements more comparable and consistent.
Is early adoption available for these accounting standards?
The amendments to accounting standards which are effective for annual periods beginning on or after 1 January 2025.
The above amendments are effective for annual periods beginning on or after 1 January 2025 and early adoption is allowed with certain conditions as follows:
  • Amendments to TAS 1:
     Early application is permitted. If an entity opt to early adopt the amendments of TAS 1, it needs to adopt both changes –
    1
     and
    2
     described in the above section.
  • Amendment to TAS 7 and TFRS 7 Supplier Finance Arrangements:
     Early application is permitted for TAS 7. Moreover, an entity shall apply the amendment of TFRS 7 concurrently with the application of the amendments to TAS 7.
  • TFRS 17 Insurance Contracts:
     Early application is permitted for entities that apply TFRS 9 on or before the date of initial application of TFRS 17.
The current template content for the financial year ending December 31, 2024, assumes no early adoption, so it doesn't impact the template content for the same financial year.
What are the changes to optional content?
Up to the date of this memo, there are no expected changes to optional content.

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