Thai companies are legally required to maintain accounting records under the Accounting Act and Thai Financial Reporting Standards (TFRS, largely aligned with IFRS), with accounts kept in Thai language and Thai Baht (a parallel foreign-language/currency record can be kept but the Thai version is authoritative). Companies must appoint a licensed Thai accountant (or engage an accounting firm) to prepare statutory financial statements, which must be audited annually by a Thai-licensed auditor (CPA) regardless of company size, then filed with the DBD and Revenue Department. Most foreign-owned SMEs in Thailand outsource bookkeeping and statutory accounting to local accounting firms, given the requirement for Thai-language filing and licensed local sign-off.
Unlike some jurisdictions where small companies can self-file simplified accounts, Thailand requires an annual licensed audit for essentially all limited companies regardless of size, making a relationship with a Thai accounting firm a near-mandatory cost of doing business.
Key Facts
Statutory accounting records must be kept in Thai language and Thai Baht; the Thai-language version is the legally authoritative record.
Thai Financial Reporting Standards (TFRS) are largely aligned with IFRS but have some local variations.
A licensed Thai accountant must be responsible for preparing the company's statutory books and financial statements.
Annual financial statements must be audited by a Thai-licensed Certified Public Accountant (CPA), regardless of company size.
Audited financial statements must be filed with both the Department of Business Development and the Revenue Department within statutory deadlines (see Annual Compliance).
Steps
Engage a licensed Thai accountant/firm — Appoint a licensed accountant or accounting firm to maintain monthly bookkeeping and statutory records.
Prepare annual financial statements — Compile financial statements in accordance with TFRS at the close of the accounting period.
Engage a licensed auditor — Arrange an independent Thai-licensed CPA to audit the annual financial statements.
File with DBD and Revenue Department — Submit the audited financial statements and corporate tax return within the statutory filing windows.
Required Documents
Monthly bookkeeping records (invoices, receipts, bank statements)
Annual audited financial statements
Auditor's report from a Thai-licensed CPA
Common Mistakes
Trying to maintain statutory books only in English without the legally required Thai-language version.
Assuming a small company can skip the annual audit requirement — Thai law requires it for essentially all limited companies, not just larger ones.
Choosing an unlicensed bookkeeper for statutory filings, which does not satisfy the legal requirement for a licensed accountant's sign-off.