Legal Advice Needed for New Reporting Standards, Say BSA Law

The progressive implementation of International Financial Reporting Standards (IFRSs) by the Stock Exchange of Thailand will mean big changes for all businesses, not only the SET50 companies required to switch to the new system by 2011. Thai corporate legal service BSA Law is advising that businesses make the change ahead of schedule. End Quote

(1888PressRelease) August 14, 2009 - Thai business law experts are urging small and medium enterprises listed on the Stock Exchange of Thailand (SET) to implement the new IFRSs ahead of schedule, along with the SET50 or SET100 companies.

The SET is phasing in the IFRS system for listed companies starting in 2011. Companies will be expected to be compliant by:
• 2011 for SET50 companies
• 2012 for SET100 companies
• 2015 for all SET and Market for Alternative Investment listed companies

A Thai business law attorney from BSA Law, sees benefit in small and medium enterprises implementing compliance practices at the same time as larger companies. "SET50 companies are already stating that they expect the move to IFRS compliance to have a positive impact on their bottom line. Why should smaller companies miss out on those benefits?", the attorney commented.

"We expect that there will be a keen legal eye needed to ensure that the standards are applied as they are supposed to be, and businesses don’t incur any penalties. Thai business law experts will be the best overseers of this process", he continued.

IFRS reporting will require changes such as:
• Revising accounting information
• Reeducating in-house accountants, or ensuring that contractors are aware of compliance issues
• Include more detail in books
• Ensuring the business practices are compliant with Thai law

The IFRS system offers a framework for creation and maintenance of financial statements in accordance with International Accounting Standards Board best practices. Around 85 countries from around the world require IFRS reporting from all domestically listed companies. The entire EU has been required to use the system since 2005.

About BSA Law:
For nearly 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services www.bsalaw.co.th while retaining the customs of the Thai business culture.

For more information please contact:
Jim Byrne
Business Advisor, BSA Law.
Email: jim ( @ ) bsalaw dot co dot th
Website:www.bsalaw.co.th

###

Visit Bsa Law Website

space