The current accounting law, the Revolutionary Council Announcement No. 285, has been in force since 1972 to the present for more than 27 years. It contains several accounting principles. That is not consistent with the progress of accounting and not in line with the changing economic situation and trade. Including the preparation of accounting and financial statements in accordance with the truth, accounting standards and international practice. This will allow businesses and third parties to use official information. Account for confident business decisions Department of Business Development Ministry of Commerce Has proposed amendments to the law on Accounts in the order from the year 2534 onwards until the present such law. Has passed the Parliament's approval on March 15, 2000 and published in the Government Gazette on May 12, 2000, which will come into effect from August 10, 2000 onwards. Summary of actions to amend the law are as follows.

The Cabinet passed a resolution on February 11, 2535 to approve the principles of the Accounting Act BE .... But with the expiration of the Council, the bill passed.

The Cabinet passed a resolution on June 28, 1994 in favor of the Board's resolution. The Minister of Economic Affairs, who agreed to accept the principles of the Accounting Act BE .... and submit to the Office Committee of the Council of State for consideration in accordance with the Bill of the Council of Accountants Act BE .... at the meeting of the Economic Screening Committee On February 3, 1997, the Ministry of Commerce had withdrawn this matter and reviewed it again. With a meeting for clarification And listen to opinions about the draft law on May 7, 2540 for consideration. Propose to amend the law for the best benefit

The Cabinet passed a resolution on August 5, 1997, approved by the resolution of the Screening Committee. The Economic Department approved the Accounting Act B.E. .... which the Ministry of Commerce was amended and sent to the Office of the Council of State for review again. Office of the Council of State Has reviewed the said law By improving Minor revisions And the Ministry of Commerce has confirmed to present the draft law to the Cabinet for consideration. The Cabinet passed a resolution on December 1, 1998, approved the Accounting Act BE .... that the Office of the Council of State for review and review as determined by the Ministry of Commerce. Offer and send The Coordinating Committee of the House of Representatives for further consideration The Cabinet passed a resolution on December 22, 1998 to acknowledge the resolution of the Coordinating Committee. House of Representatives jobs Which to propose the Accounting Act B.E. .... to the House of Representatives for consideration, before submitting the House of Representatives, to amend Section 5 paragraph two and add Section 27

The essence of the law

1. Revise the principle from the original set for businesses, both juristic person and natural person operating a business In accordance with the types prescribed by the Minister, must provide accounts Is set to only juristic persons registered According to Thai and foreign laws doing business in Thailand and joint ventures under the Revenue Code is the person having the duty to keep accounts Individuals and unregistered partnerships must keep accounts only if the Minister With the approval of the Cabinet published in the Government Gazette to be the person having the duty to keep accounts.

2. Require bookkeepers to be responsible for the accounting of the business separately. The duties and responsibilities between the bookkeeper and the person having the duty to keep accounts are clear, that is,

2.1 Define the responsibilities of the person having the duty to keep accounts In providing accounting and financial statements to be accurate as required by law, and have a duty to deliver accounting documents to the bookkeeper for accurate accounting. And in accordance with accounting standards and filing audited financial statements and giving opinions of auditors Has been granted permission, including having an accountant who has qualifications as prescribed by the Director-General of the Department of Business Development

2.2 Bookkeeper (means the person responsible for the bookkeeping of the person having the duty to keep accounts, whether Act as an employee of the person having the duty to keep accounts or not This is the company's accountant or an independent bookkeeper or the bookkeeper) must prepare their accounts in accordance with the truth in accordance with the accounting standards, with relevant supporting documents supporting the correct and complete transactions.

3. Determine the Director-General to have the power to determine the qualifications and conditions of being a supervisor, including an exception to the person with Accounting functions Or the bookkeeper is not required to comply with the accounting standards in any matter Or any part

4. The exemption shall be made to the financial statements of the person having the duty to keep accounts that are registered partnerships with capital, assets or income. Not exceeding that prescribed in the Ministerial Regulations, do not have to be audited by the auditor.

5. Reduce the business burden of keeping accounts and accounting documents from 10 years to 5 years and if necessary. Director-General with the approval of the Minister Can extend the storage period, but must not exceed 7 years

6. Improve requirements to be consistent with the computer-based accounting system, such as account keeping, posting Items in the account, etc.

7. Improve the penalties to be appropriate. Covers the person having the duty to keep accounts, bookkeepers, and related persons and provide The Director-General or a person entrusted by the Director-General has the power to settle a fine for an offense committed The only fine Or imprisonment for up to one month In order to reduce the steps to perform and facilitate Business operator

8. Determine the transitional provisions Except for those who already work as a bookkeeper But do not have the qualifications specified by the Director-General