Generally
the basic accounting principles practices comply with GAAP
(generally accepted accounting methods). The Institute of
Certified Accountants and Auditors of Thailand is the authoritative
group promoting the application of generally accepted accounting
principles. Thailand GAAP are similar to International Accounting
Standard (IAS).
Any
accounting method, which is adopted by a company, must be
used consistently and may be changed only with the approval
of the Revenue Department. Certain accounting practices which
may be noted include depreciation, statutory reserve, stock
dividends, consolidation, and accounting for pension plans.
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