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In Rayong, Thailand, the practice and law surrounding Accounting & Auditing closely observe the International Financial Reporting Standards (IFRS), as well as the Thai Financial Reporting Standards (TFRS). Both public and private organizations must adhere to these standards. The government regulatory body that oversees accounting and auditing firms in the country is the Federation of Accounting Professions (FAP).
Professional legal advice might be necessary in several situations revolving around accounting and auditing. This can include establishing compliance with TFRS and IFRS, handling tax-related cases, dealing with business accounting issues, auditing discrepancies, or when facing potential legal investigations or penalties related to financial impropriety. A lawyer who specialises in this field can provide information about your rights and obligations under Thai law, as well as represent your interest during legal proceedings.
Major local laws relevant to Accounting & Auditing in Rayong include the Revenue Code, the Accounting Act, Business Security Act, and the Civil and Commercial Code. These laws guide matters of taxation, accounting standards, audit requirements, and business financial transactions. The FAP also sets out regulatory requirements for accounting professionals and auditing firms.
1. What are the accounting standards in Thailand? Thailand follows the Thai Financial Reporting Standards (TFRS), which aligns to the International Financial Reporting Standards (IFRS). 2. Do I need to audit my company's financial statements? All registered companies in Thailand are legally required to have their financial statements audited by an independent certified auditor yearly. 3. What tax regulations are relevant to Accounting & Auditing? The Revenue Code of Thailand outlines the tax regulations that businesses and individuals need to adhere to. 4. What is the punishment for accounting fraud in Thailand? Penalties can be severe for accounting fraud, which may include fines, legal retribution, or even imprisonment. 5. Can a lawyer act as my accountant or auditor? Typically, lawyers provide legal advice and representation, while accountants and auditors manage financial records and assessments. Although some professionals may have expertise in both areas, generally, they are separate roles.
The Federation of Accounting Professions (FAP) provides useful resources about the accounting industry guidelines and regulations in Thailand. In addition, the Department of Business Development and Revenue Department are relevant government bodies that offer necessary information and guidelines.
If you require legal assistance, consider approaching a legal firm that specializes in Accounting & Auditing. Ensure they are well-versed in the local laws of Rayong and Thailand. Prepare all relevant financial statements and documentation for your initial consultation meeting, and do not hesitate to ask about their experiences and expertise in handling your specific concerns.
