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All companies in Thailand are required to prepare financial statements following Thai Accounting Standards (TASs) issued by the Federation of Accounting Professions (FAP). In the Report on the Observance of Standards and Codes (ROSC) on Accounting and Auditing in Thailand published by the World Bank in April 2008, the World Bank reports that the Accounting Standard-Setting Committee reviews and issues International Financial Reporting Standards (IFRSs) as TASs, thus reducing the gap between Thai and international requirements. Although praising Thailand for moving towards converging Thai national accounting and auditing standards with international standards, the World Bank cautions that deficiencies in the standard-setting process impede full harmonization of TASs with IFRSs. In addition, TASs are applicable for the preparation of financial statements for all types of entities, and this arrangement results in an excessive reporting burden for Small and Medium-size Enterprises (SMEs). It was therefore recommended to create a simplified accounting and reporting framework for SMEs, while requiring full IFRSs for public interest entities. In a comparison of TASs and IFRSs by KPMG in March 2009, it was stated that some IFRSs requirements are not covered in existing TASs (e.g. deferred tax, employee benefits, and financial instruments), and many TASs, although based on the international standards, still differ from IFRSs. Nonetheless, in a 2008 self assessment by the FAP, the FAP stated its intent to set a transition period towards full adoption of IFRSs.

Companies in Thailand must have their financial statements audited in accordance with the auditing standards issued by the Federation of Accounting Professions (FAP). In its 2008 Report on the Observance of Standards and Codes (ROSC) on Accounting and Auditing in Thailand, the World Bank commends the Thai authorities for the progress achieved in improving the financial reporting framework in the country, including audit requirements. The World Bank states that the Thai Standards on Auditing are based on International Standards on Auditing (ISAs) as issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). The Code of Ethics in Thailand was also developed in line with the IFAC Code. The World Bank recommended strengthening the institutional and standard setting framework, as well as improving enforcement of the financial reporting requirements. In a 2008 self-assessment prepared by the FAP for IFAC, an action plan was identified to further the adoption of ISAs in Thailand by translating the latest international audit pronouncements issued as a result of the IAASB Clarity Project.