Accounting Theory An Introduction by adu47904


									Accounting Theory:
 An Introduction

          Lectured by Dr. Siriluck Sutthachai
                     Accounting Department
             Faculty of Management Science
            Khon Kaen University, Thailand
           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
        Accounting Institutions
   International Institutions
     International Accounting Standard Board:
      International Accounting Standards (IASs) and
      International Financial Reporting Standards (IFRSs)
     International Organisation of Securities Commission
     International Federation of Accountants (IFAC)
     European Union (EU)
     United Nation
     World Bank
     Accounting Institutions
   International Institutions
     Securities Exchange Commission (SEC)
     Financial Accounting Standards Board (FASB):
      Statements of Financial Accounting Standards
     The American Institute of Certified Public
      Accountants (AICPA)
Thai Accounting:
  An Overview
         The Development of Thai
   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
   Ayudhya period: Record keeping with Chinese
         The Development of Thai
   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
    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.
    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
    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 bodies—the BSAP and the
          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.
          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.
The Accounting Professions Act B.E. 2547

                             The Ministry of

                        The Board of Supervision
                         Accounting Professions

                        The Institute of Accounting
                         Professions of Thailand

                                                      Other committees e.g.
                              The Committee of         Auditing Standards
  The Thai Accounting
                              Accounting Enthic       Board, AIS Committee
    Standard Board
                                 Supervision              and Corporate
                                                      Govenance Committee
             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
        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
   Thai accounting standards have been developed
    by using western accounting standards as a
        Thai Accounting Standards
   In 1972, the ICAAT issued Recommended
    Accounting Concepts and Principles.
   In 1979, the first five accounting standards were
   From 1986 to 1997, 25 standards were issued.
   From 1998 onwards, Thailand has adopted and
    adapted IASs.
     The Adoption of IASs

The table presents which IASs have been

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