Practical Implementation Issues of IFRS adoption in Thailand

In the speech made by Mr. Thirachai Phuvanatnaranubala, Secretary-General, Securities & Exchange Commission, Thailand at the UNCTAD Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) on 21 November 2005, Geneva, brings about many intersting points for discussion for the adoption of IFRS in the emerging markets.

1. Emerging markets have very little choice. They have to join in the globalization process, i.e. they would have to sooner or later have to adopt the global financial reporting accounting standards.
2. Applying the accounting standards in the emerging markets may either render international standards hard to be applied in those emerging markets, or may even lead to different results unintended by the standard setters.
3. Lack of Participation by Emerging Markets in the standard setting process.  The bottom line being that if the accounting rules are to apply to everybody, then everybody must have a say in setting the rules.

Click here to read the full speech which also provides some specific implementation issues for Segmented reporting, Debt restrucuturings, Goodwill impairment