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Canada and Thailand jurisdiction profiles updated

 03 July 2015


Canada: Temporary exemption from IFRS for non-US-registered rate-regulated entities


The Accounting Standards Board of Canada (AcSB) had deferred mandatory adoption of IFRS for entities with rate-regulated activities until 2015. That deferral was provided to give time for the IASB to complete a project affecting those entities. Following issuance of IFRS 14 Regulatory Deferral Accounts, the AcSB withdrew the deferral for entities with rate-regulated activities, and full IFRS was required, for interim and annual financial statements relating to annual periods beginning on or after 1 January 2015. The Canadian Securities Administrators provided an option for those registered with the United States Securities and Exchange Commission (US SEC) to apply US GAAP instead of Canadian GAAP. However, the Canadian Securities Administrators has recently concluded that rate-regulated entities that are not registered with the US SEC may ask their Principal Provincial Regulator for an extension of their exemption from the requirement to adopt IFRS until 2019. To date, 23 Canadian rate-regulated entities have requested, and been granted, relief to use US GAAP until 2019.

Thailand: Nearly full adoption of IFRS now, full by 2017


The Federation of Accounting Professions of Thailand (the accounting standard-setter in Thailand) is in the process of adopting IFRS as Thai Financial Reporting Standards (TFRS) in full. Currently, TFRS is word-for-word identical to IFRS (Bound Volume 2013), with the exception of the industry-specific Standards on insurance contracts and agriculture and the financial instruments Standards. The Federation has announced plans for updating the existing Standards as follows:

  • adopt the IFRS Bound Volume 2015 to be effective in Thailand on 1 January 2016, except for financial instruments.
  • adopt the IFRS Bound Volume 2016 to be effective in Thailand on 1 January 2017. The Standards for financial instruments would be effective in 2019, with early adoption prior to 2019 encouraged.
  • adopt all future new and amended Standards to be effective no later than one year from the IASB’s effective date.

A main reason why the adoption of IFRS is delayed in Thailand is the need to translate the Standards into the Thai language.

In addition, the Federation is in the process of adopting a new accounting Standard for small and medium-sized entities—to be known as the Thai Financial Reporting Standard for SMEs—that is identical to the IFRS for SMEs (including the 2015 amendments), with the expected effective date in 2017.

The jurisdiction profiles are here.



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