If a company wishes to change its accounting period, it must obtain written approval from the Director General of the Revenue Department.

A newly-established company or partnership should close accounts within 12 months from the date of its registration. Thereafter, the accounts should be closed every 12 months. The performance record is to be certified by the company auditor, approved by the Managing Director, and filed with the Commercial Registration Department at the Ministry of Commerce within 5 months of the end of the fiscal year and with the Revenue Department at the Ministry of Finance within 150 days of the end of the fiscal year.

Accounting Principles

In general, the basic accounting principles practiced in the United States of America are accepted in Thailand, as are accounting methods and conventions sanctioned by law. The Institute of Certified Accountants and Auditors of Thailand is the authority promoting the application of generally accepted accounting principles. Any accounting method adopted by a company must be used consistently and may be changed only with approval of the Revenue Department.