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Accounting Theory: An Introduction

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Accounting Theory: An Introduction Lectured by Dr. Siriluck Sutthachai Accounting Department Faculty of Management Science Khon Kaen University, Thailand – PowerPoint PPT presentation

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Title: Accounting Theory: An Introduction


1
Accounting Theory An Introduction
  • Lectured by Dr. Siriluck Sutthachai
  • Accounting Department
  • Faculty of Management Science
  • Khon Kaen University, Thailand

2
Accounting History
  • Early History of Accounting
  • Record-keeping
  • A Systematic bookkeeping (A.C. Littleton) The
    art of writing Arithmatic Private property
    Money Commerce Capital
  • Luca Pacioli Double-Entry Bookkeeping
  • Accounting and Capitalism
  • International Accounting Issues

3
Accounting Institutions
  • International Institutions
  • International Accounting Standard Board
    International Accounting Standards (IASs) and
    International Financial Reporting Standards
    (IFRSs)
  • International Organisation of Securities
    Commission (IOSCO)
  • International Federation of Accountants (IFAC)
  • European Union (EU)
  • United Nation
  • World Bank

4
Accounting Institutions
  • International Institutions
  • Securities Exchange Commission (SEC)
  • Financial Accounting Standards Board (FASB)
    Statements of Financial Accounting Standards
    (SFASs)
  • The American Institute of Certified Public
    Accountants (AICPA)

5
Thai Accounting An Overview
6
The Development of Thai Accounting
  • Before Ayudhya period No clear evidence to
    indicate when Thai accounting established.
    However, record keeping for trading in Thailand
    could be traced back since King Ramkamhang
    period.
  • Ayudhya period Record keeping with Chinese style.

7
The Development of Thai Accounting
  • Rama I to Rama IV period Chinese accounting
    could be prevail in Thailand before Western
    accounting system.
  • Rama V period Thai accounting system had been
    fully influenced by Westerners when King Rama V
    restructured Thai institutions.
  • Thai accounting education
  • Auditing
  • Bookkeeping and tax calculation

8
Accounting Law and Regulations
  • The Civil and Commercial Code prescribes the
    minimum general accounting requirements for all
    business entities.
  • The Ministerial Regulation No.2 (1976)
    prescribes the format and details for presenting
    financial reports.

9
Accounting Law and Regulations
  • The Public Limited Companies Act (section 113)
    public companies are required to prepare not only
    financial statements, according to the
    Ministerial Regulation No. 2, but also their
    annual report.
  • The Securities Exchange of Thailand Act (section
    56) a listed company is required to prepare and
    submit periodic reports

10
Accounting Law and Regulations
  • The Accounting Act B.E.2543 (2000) requires all
    limited companies to comply with the TASs, issued
    by the ICAAT with the approval of the BSAP,
    unless there are other accounting rules for
    certain sectors.
  • The Accounting Professions Act B.E. 2547 (2004)
    aims to restructure the two accountancy
    bodiesthe BSAP and the ICAAT.

11
Thai Accounting Bodies
  • The Board of Supervision of Accounting
    Professions (BSAccP) mainly responsible for
    supervising and approving the IAPT tasks.
  • The Institute of Accounting Professions of
    Thailand (IAPT) responsible for checking and
    controlling accounting professionals with the
    authority for giving or revoking auditors and
    accountants licences, publishing the ethical
    guidelines for auditors and accountants, and
    issuing accounting and auditing standards.

12
Thai Accounting Bodies
  • The Thai Accounting Standard Board (TASB) set up
    Thai accounting standards.
  • The Thai Accounting Association (ThAA) aims to
    raise the standard of accounting education,
    particularly of accounting academics and course
    design, in Thailand.

13
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14
Thai Accounting Bodies
  • Thai Professional Accounting Bodies
  • Federation of Thai Accounting
  • Thai Accounting Standards Board
  • Thai Auditing Standards Board
  • Thai Accounting Association
  • The Institute of Internal Audit of Thailand

15
Thai Accounting Standards
  • Accounting Act B.E. 2482 (1939) and Auditor Act
    B.E. 2505 (1962), were issued and referred to the
    generally accepted accounting principles (GAAP).
  • Thai accounting standards have been developed by
    using western accounting standards as a model.

16
Thai Accounting Standards
  • In 1972, the ICAAT issued Recommended Accounting
    Concepts and Principles.
  • In 1979, the first five accounting standards were
    issued.
  • From 1986 to 1997, 25 standards were issued.
  • From 1998 onwards, Thailand has adopted and
    adapted IASs.

17
The Adoption of IASs
The table presents which IASs have been adopted
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