Thailand

The statutory framework for accounting and auditing in Thailand is established through a combination of general corporate and sector-specific legislation, including the Accounting Act B.E. 2543 (2000), the Accounting Professions Act B.E. 2547 (2004), the Securities and Exchange Act B.E. 2535 (1992), and sectoral requirements issued under financial sector laws. Under the Accounting Professions Act, the Federation of Accounting Professions (TFAC) is a statutory body responsible for, among other matters, formulating accounting standards, auditing standards, and other standards related to the accountancy profession, subject to approval by the Accounting Professions Regulatory Commission (APRC) and publication in the Government Gazette.

Financial reporting requirements differ depending on the type of entity. Publicly accountable entities are required to apply Thai Financial Reporting Standards (TFRS). According to the IFRS Foundation’s jurisdiction profile, TFRS are translations of IFRS Accounting Standards into Thai and generally become effective with a one-year delay from the corresponding IFRS effective date, with early adoption permitted. Publicly accountable entities include listed companies and other entities with public accountability, such as financial institutions, insurance companies, securities companies, mutual funds, and public companies. Entities that are not publicly accountable may apply either full TFRS or the Thai Financial Reporting Standard for Non-Publicly Accountable Entities.

TFAC is the official accounting standard-setting body in Thailand. Accounting standards are set through TFAC’s standard-setting due process and become enforceable once approved by the APRC and published in the Government Gazette. In practice, the application of TFRS is reinforced by sector regulators. The Securities and Exchange Commission requires issuers in the capital market to prepare and disclose financial statements in conformity with accounting standards and TFRS prescribed by TFAC. The Office of Insurance Commission likewise requires insurance company financial statements to comply with the relevant TFAC notifications on accounting standards and financial reporting standards. The Bank of Thailand requires financial institutions within its remit to comply with accounting and financial reporting standards prescribed by TFAC, while also issuing additional sector-specific requirements where needed.

Auditing requirements are also established through the general and sectoral framework. Under the Accounting Professions Act, TFAC is responsible for formulating auditing standards, which become effective upon APRC approval and publication in the Government Gazette. Statutory audits are conducted by Certified Public Accountants in accordance with Thai Standards on Auditing. For entities in the capital market, annual financial statements must be audited, and interim financial statements reviewed, by auditors approved by the Securities and Exchange Commission. In the financial sector, the Bank of Thailand and the Office of Insurance Commission impose additional reporting and supervisory requirements on entities under their jurisdiction, but those requirements operate alongside the underlying TFAC standards framework.

In Thailand, the accountancy profession is regulated under the Accounting Professions Act B.E. 2547 (2004). The Act defines accounting professions as professional services in bookkeeping, auditing, managerial accounting, accounting system design, tax accounting, accounting education and technology, and other accounting services as prescribed by ministerial regulations.

Under the Accounting Professions Act, the Federation of Accounting Professions (TFAC) is the statutory professional accountancy body responsible for regulating the profession under the oversight of the Accounting Professions Regulatory Commission (APRC). TFAC is a juristic person established by law with responsibility for regulating and developing the accountancy profession in Thailand. Its powers and duties include establishing initial professional development and continuing professional development requirements; setting accounting, auditing, ethical, and other professional standards; approving registration of accounting practitioners; issuing, suspending, and revoking licenses; certifying academic qualifications and training curricula; administering the Certified Public Accountant qualification; establishing quality assurance and investigative and disciplinary mechanisms; issuing professional regulations; and representing the profession in Thailand.

The APRC, established under the same Act, provides public oversight over TFAC’s regulatory functions. Its responsibilities include supervising TFAC’s operations and activities, approving regulations and professional standards issued by TFAC, and considering appeals against disciplinary decisions issued by TFAC’s Ethics Committee.

Licensing requirements for Certified Public Accountants are established in the Accounting Professions Act and related TFAC regulations. Candidates are required to hold an approved bachelor’s degree in accounting or an equivalent qualification, complete prescribed practical experience requirements, and successfully pass the Certified Public Accountant examinations administered by TFAC. Certified Public Accountants must be members of TFAC and maintain their membership through compliance with continuing professional development requirements. Bookkeepers are also subject to statutory qualification and registration requirements and must register with TFAC in accordance with the applicable legal framework and Department of Business Development notifications.

In addition to TFAC’s regulatory responsibilities, the Securities and Exchange Commission (SEC), established under the Securities and Exchange Act B.E. 2535 (1992), has direct responsibility for the supervision of auditors of listed companies and other entities under its supervision, including brokers, dealers, asset management companies, and collective investment schemes. The SEC conducts independent inspection and oversight activities over audit firms and auditors within its remit and monitors compliance with applicable accounting and auditing standards. The SEC also maintains disciplinary and enforcement arrangements for capital market auditors, operating alongside TFAC’s professional regulatory framework.

Thailand operates a shared audit oversight framework comprising independent public oversight for capital market auditors and professional oversight for other statutory auditors.

Established under the Securities and Exchange Act B.E. 2535 (1992), the Securities and Exchange Commission (SEC) has direct responsibility for the supervision of auditors and audit firms of securities issuers and other entities under its supervision, including listed companies, brokers, dealers, asset management companies, and collective investment schemes. The SEC approves auditors for the capital market, establishes qualification requirements for both individual auditors and audit firms, and conducts inspections of audit quality control and quality management systems to ensure compliance with applicable professional standards and regulatory requirements. Audit firms within the SEC’s remit are required to maintain systems compliant with International Standards on Quality Management 1 (ISQM 1).

The SEC also maintains an independent inspection and enforcement framework for approved capital market auditors, including post-approval monitoring, inspection of audit quality control systems, and disciplinary measures where auditors or firms fail to comply with professional or regulatory requirements. Approved auditors must hold a valid Certified Public Accountant license issued under the Accounting Professions Act and remain attached to a qualified audit firm approved by the SEC.

Thailand’s public oversight framework for capital market auditors is aligned with international regulatory practice, and the SEC participates in international audit oversight cooperation through membership in the International Forum of Independent Audit Regulators.

For other statutory audits outside the capital market, auditors are regulated by the Federation of Accounting Professions (TFAC) under the oversight of the Accounting Professions Regulatory Commission, as described in the Regulation of the Accountancy Profession section. TFAC is responsible for licensing, quality assurance, ethical oversight, and disciplinary arrangements for auditors outside the SEC’s direct supervisory remit.

In addition, sector regulators such as the Bank of Thailand and the Office of Insurance Commission may impose additional sector-specific requirements on auditors of regulated financial institutions and insurance entities. In practice, auditors of these entities are generally required to be approved by the SEC where they fall within the capital market oversight framework.

Federation of Accounting Professions (TFAC)

The Federation of Accounting Professions (TFAC) is Thailand’s statutory professional accountancy organization. The profession’s original body, the Accountant Association of Thailand, was established in 1948 and was succeeded by TFAC following the enactment of the Accounting Professions Act B.E. 2547 (2004), which formally established TFAC as a juristic person responsible for the promotion and regulation of the accountancy profession in Thailand.

TFAC has been under the Royal Patronage of His Majesty the King since 6 September 2005. It is the sole professional accountancy organization established by law in Thailand and operates under the oversight of the Accounting Professions Regulatory Commission.

Under the Accounting Professions Act, TFAC is responsible for regulating and developing the accountancy profession in Thailand. Its responsibilities include establishing initial professional development and continuing professional development requirements; setting accounting, auditing, and ethical standards; issuing, suspending, and revoking professional licenses and registrations; certifying academic qualifications and professional training curricula; administering the Certified Public Accountant designation; establishing quality assurance and investigative and disciplinary mechanisms; issuing professional regulations; providing technical guidance and advice to the government on matters relating to the profession; and representing professional accountants in Thailand.

Membership in TFAC is mandatory for regulated segments of the profession, including Certified Public Accountants and bookkeepers subject to statutory registration requirements. TFAC also maintains various committees and standard-setting bodies, including accounting and auditing standard-setting committees and professional ethics committees, to support its statutory functions.

In addition to being a member of IFAC, TFAC is an active member of the ASEAN Federation of Accountants and participates in regional professional cooperation and standard-setting dialogue.

Thailand operates a shared quality assurance review system in which the Federation of Accounting Professions and the Securities and Exchange Commission have responsibility for different segments of the audit market. Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions is empowered to conduct oversight into the quality of audits through review of the quality control measures of auditors to ensure compliance with accounting and auditing standards and practices. For auditors in the capital market, the Securities and Exchange Commission has direct responsibility for approving auditors and audit firms and for inspecting audit quality control and quality management systems.

With respect to relevant standards, International Standard on Quality Management 1 and International Standard on Quality Management 2 have been adopted in Thailand. The Federation of Accounting Professions indicates that Thai Standards on Auditing and related standards become effective within one year of the effective date of the corresponding international standards, and its standards portal lists both International Standard on Quality Management 1 and International Standard on Quality Management 2 as completed projects. The Securities and Exchange Commission also requires audit firms seeking or maintaining approval in the capital market to have an audit quality control system that complies with International Standard on Quality Management 1.

The Securities and Exchange Commission’s inspection system for capital market auditors appears operational and broadly aligned with international good practice. Publicly available Securities and Exchange Commission materials describe recurring inspections of firm-level quality control and engagement quality, follow-up of deficiencies, and implementation support for firms, including preparation for International Standard on Quality Management 1 and International Standard on Quality Management 2. The Securities and Exchange Commission is also a member of the International Forum of Independent Audit Regulators.

However, based on publicly available information, it is not possible to conclude that the quality assurance review system for all mandatory audits in Thailand fully incorporates all Statement of Membership Obligation 1 requirements. While the legal basis for Federation of Accounting Professions oversight exists, and the Securities and Exchange Commission framework for capital market auditors is clearly established, current public sources do not provide sufficient evidence on the design and operation of the Federation of Accounting Professions’ review cycle, coverage, linkage with the investigative and disciplinary system, and other elements needed to demonstrate full alignment across all mandatory audits. Accordingly, the jurisdiction is best assessed as Partially Adopted.

Current Status: Partially Adopted

Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions (TFAC) is authorized to establish initial professional development and continuing professional development requirements for professional accountants in Thailand, as well as certify training programs and qualifications related to the profession. The Act also provides the legal basis for the registration and licensing framework for accounting professionals.

Certified Public Accountant candidates are required to complete an approved accounting degree or equivalent qualification, satisfy practical experience requirements, and pass the professional examinations administered by TFAC. In addition, bookkeepers are subject to statutory qualification and registration requirements, including membership in, or registration with, TFAC. TFAC also establishes continuing professional development requirements for members and other regulated segments of the profession.

With respect to the International Education Standards (IES), TFAC reports that it has translated and incorporated the 2019 IES requirements into its educational framework and professional development programming. Publicly available sources also confirm that TFAC has published and incorporated IES 1 through 6 and IES 8, including requirements relating to entry, initial professional development, practical experience, assessment, and continuing professional development.

Accordingly, the jurisdiction is assessed as Adopted, as the 2019 IES requirements have been incorporated for aspiring and professional accountants regulated by TFAC.

Current Status: Adopted

Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions (TFAC) has direct responsibility for establishing auditing standards in Thailand. TFAC has established an ongoing process to review, translate, and adopt new and revised pronouncements issued by the International Auditing and Assurance Standards Board (IAASB). Thai Standards on Auditing are published on TFAC’s auditing standards portal and generally become effective within one year after the effective date of the corresponding international standards.

Based on publicly available information, Thailand currently applies Thai Standards on Auditing aligned with the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, and TFAC maintains an active translation and adoption process for newly issued and revised standards.

With respect to the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), TFAC has issued a Thai draft standard (TSA for LCE) for public consultation, with expected application in Thailand for audits of financial statements for periods beginning on or after December 15, 2026.

Current Status: Adopted

Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions (TFAC) is authorized to establish ethical requirements for professional accountants in Thailand (see TFAC Ethics Standards Portal).

TFAC has established an ongoing process to review, translate, and adopt new and revised pronouncements issued by the International Ethics Standards Board for Accountants (IESBA). According to the IFAC translations database, TFAC has completed the Thai translation of the 2024 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards), which was published on June 13, 2025.

As the latest completed version currently adopted in Thailand is the 2024 Handbook, and the 2025 Handbook has not yet been completed and adopted in Thai, the jurisdiction is assessed as Partially Adopted in accordance with the current DBR adoption definitions

Current Status: Partially Adopted

Under the Ministry of Finance’s Regulation of the Ministerial Division Comptroller B.E. 2557, the Comptroller General’s Department (CGD) is responsible for establishing public sector accounting standards in Thailand.

Since 2018, CGD has issued several Thai Public Sector Accounting Standards and Policies (TPSAS), which are national standards developed with reference to International Public Sector Accounting Standards (IPSAS). Publicly available sources indicate that the current framework remains on a partial-accrual basis and is not yet based on full accrual-basis IPSAS adopted for application by all public sector entities.

Accordingly, the jurisdiction is assessed as Partially Adopted, as Thailand applies national public sector accounting standards with reference to IPSAS on a partial-accrual basis rather than full accrual-basis IPSAS.

Current Status: Partially Adopted

In Thailand, the Federation of Accounting Professions (TFAC), the Accounting Professions Regulatory Commission (APRC), and the Securities and Exchange Commission (SEC) share responsibility for the investigative and disciplinary system for professional accountants.

Under the Accounting Professions Act B.E. 2547 (2004), TFAC is responsible for regulating the conduct and practices of members and registrants so that they comply with the Code of Ethics for Professional Accountants. The framework includes an Ethics Committee and an oversight structure through the APRC. For auditors in the capital market, the SEC has direct supervisory and enforcement authority under the Securities and Exchange Act B.E. 2535 (1992), including the power to withdraw approval of auditors who fail to comply with applicable requirements.

However, based on publicly available information, it is not possible to conclude that the investigative and disciplinary system at the jurisdiction level fully incorporates all Statement of Membership Obligation 6 requirements for all professional accountants. Accordingly, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions (TFAC) is the official accounting standard-setting body in Thailand. Thai Financial Reporting Standards are developed through TFAC’s due process, approved by the Accounting Professions Regulatory Commission, and published in the Royal Gazette.

Publicly accountable entities in Thailand are required to apply Thai Financial Reporting Standards. According to the IFRS Foundation jurisdiction profile, Thailand has adopted all effective IFRS Accounting Standards as Thai Financial Reporting Standards, with a one-year delay in effective date and early adoption permitted. The standards apply to all domestic publicly accountable entities, including listed companies and entities that hold assets in a fiduciary capacity for a broad group of outsiders.

In line with Thailand’s established approach of adopting IFRS Accounting Standards as issued, subject to translation into Thai and effectiveness within one year, the jurisdiction is assessed as Adopted.

Entities that are not publicly accountable may apply either full Thai Financial Reporting Standards or the Thai Financial Reporting Standard for Non-Publicly Accountable Entities. The IFRS for SMEs Accounting Standard has not been adopted separately in Thailand.

Current Status: Adopted

Relevant Organizations

Comptroller General’s Department (CGD)

Federation of Accounting Professions (TFAC)

International Forum of Independent Audit Regulators (IFIAR)

Securities and Exchange Commission (SEC), Thailand

Relevant Legislation

Accounting Act B.E. 2543 (2000)

Accounting Professions Act B.E. 2547 (2004)

Securities and Exchange Act B.E. 2535 (1992)

Relevant Publications

IFIAR, Member Profile: Kingdom of Thailand (SEC Thailand)

IFRS Foundation, IFRS Application Around the World: Jurisdictional Profile – Thailand

TFAC, Standards Portal (Auditing Standards)

TFAC, Standards Portal (Code of Ethics)

World Bank, Current Status of the Accounting and Auditing Profession in ASEAN Countries, September 2014

World Bank, Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing – Kingdom of Thailand, 2008