The Impact of New Accounting Standards (IFRS) on Thai Businesses
Keywords:
International Financial Reporting Standards, IFRS, Financial Transparency, Operational Costs, SMEsAbstract
This study aims to analyze the impact of the International Financial Reporting Standards (IFRS) on Thai businesses, focusing on changes in financial transparency, operational costs, financial management, and corporate competitiveness. A mixed-methods research approach was adopted, incorporating surveys and expert interviews with accounting professionals from companies that have implemented IFRS, along with an analysis of financial reports.
The findings indicate that IFRS enhances financial transparency, allowing for better comparability of financial statements on a global scale. This improvement increases investor confidence in Thai businesses. However, the adoption of IFRS also results in higher operational costs, particularly in IT infrastructure and staff training. Large enterprises are more adaptable to these changes compared to Small and Medium Enterprises (SMEs), which face constraints in terms of financial and human resources.
This study suggests that Thai businesses should invest in accounting technology and enhance employee training to optimize IFRS implementation. Additionally, government agencies and related organizations should support SMEs in their transition by offering training programs and cost-reduction incentives for IFRS adoption.
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