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Accounting and financial reporting requirements
Companies incorporated in Thailand are required by statute to prepare annual financial statements according to generally accepted accounting principles (GAAP) and issue them to shareholders and certain government agencies, including the Department of Business Development within the Ministry of Commerce.
1.1.1 Accounting requirements
The Accounting Act is the principle law governing the preparation of accounts.
The following persons have a duty under the Accounting Act to keep accounts:
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Registered partnership |
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Limited company |
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Public limited company |
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Juristic person established under a foreign law carrying on business in Thailand |
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Joint venture under the Revenue Code |
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The Director General of the Department of Business Development has the power to announce requirements regarding various matters under the Act, after taking into account the accounting standards and the opinion of relevant authorities and the accounting profession.
Bookkeeper requirements
A person having the duty to keep accounts must engage a bookkeeper possessing the qualifications prescribed under the Act, and has the duty to supervise the bookkeeper to keep accurate and correct accounts. The bookkeeper may be an employee or external service provider and must notify the Department of Business Development of his or her details.
Language
The bookkeeper must enter particulars in the accounts in the Thai language, or in a foreign language accompanied by the Thai language, or in accounting code together with a translation thereof in the Thai language.
Location
The person having the duty to keep accounts must keep the accounts and the documents relevant thereto at the place of business, or the regular place of production or storage of goods, or the regular place of work. A person having the duty to keep accounts must obtain permission from the Chief Accounts Inspector or the Accounts Inspector to keep the accounts and the documents relevant thereto elsewhere.
The accounts and documents supporting accounting entries must be maintained for a period of not less than five years from the date of closure of the accounts.
A shareholders' register must be kept at the registered office of the company.
1.1.2 Filing requirements
The financial statements must be filed with the Department of Business Development, The time limits for filing are shown in the table below.
| Entity |
Time limit for filing |
| Registered partnership
Joint venture under the Revenue Code
A foreign company carrying on business in Thailand |
Financial statements must be submitted within 5 months from the days the accounts are closed. |
| Limited company
Public limited company |
Financial statements must be submitted within 1 month from the date of the general meeting that approves the financial statements. |
A person who fails to submit financial statements within the period prescribed by law shall be liable to a fine not exceeding Baht 50,000 and an officer of the juristic person shall also be liable to a fine not exceeding Baht 50,000. In this respect, if a person cannot file financial statements within the specified period, the Director-General of the Department of Business Development may consider extending or postponing the defined time according to the necessity of each case.
In addition, the financial statements are to be filed, along with the annual income tax return, with the Revenue Department within 150 days after the fiscal year end.
Bureau of Business Development
The Bureau of Business Development, an agency within the Department of Business Development, is responsible for registration data, receipt of financial statements and shareholder lists, and access to business data search facilities as well as certification of document copies and issuance of certificates.
Access to information kept by the Bureau is open to the general public without any requirement of a relationship with the juristic person whose data is requested. Registration data, summary financial statements, and registration statistics may be searched at www.dbd.go.th. |
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