Federation of Accounting Professions (FAP) Thailand
The Federation of Accounting Professions (FAP) is the Thai accounting and audit profession's national regulatory and standards-setting body, established under the Accounting Professions Act B.E. 2547 (2004). Sets and maintains Thai Accounting Standards (TAS), Thai Financial Reporting Standards (TFRS converged with IFRS), Thai Standards on Auditing (TSA), and the certification framework for Certified Public Accountants (CPAs) and Certified Tax Auditors (TAs). Coordinates with the SEC Thailand on listed-company financial reporting, with the Bank of Thailand on banking-sector accounting, and with the Department of Business Development on small-entity audit thresholds.
Profile overview
The Federation of Accounting Professions (FAP) is the Thai accounting and audit profession's national regulatory and standards-setting body, established under the Accounting Professions Act B.E. 2547 (2004). Sets and maintains Thai Accounting Standards (TAS), Thai Financial Reporting Standards (TFRS converged with IFRS), Thai Standards on Auditing (TSA), and the certification framework for Certified Public Accountants (CPAs) and Certified Tax Auditors (TAs). Coordinates with the SEC Thailand on listed-company financial reporting, with the Bank of Thailand on banking-sector accounting, and with the Department of Business Development on small-entity audit thresholds.
Functions and programmes
Standards setting
TAS, TFRS, and auditing standards
FAP maintains the full suite of Thai Accounting Standards (TAS), Thai Financial Reporting Standards (TFRS converged with IFRS 9, 15, 16, 17), and Thai Standards on Auditing (TSA). Standards updates follow IASB and IAASB revisions, typically with a 12-24 month adoption lag.
Certification
CPA and tax-auditor licensing
FAP administers the Thai Certified Public Accountant (CPA) examination, continuing professional education requirements, and registration of Certified Tax Auditors (TAs). Approximately 80,000 registered accounting professionals under FAP.
Oversight
Audit-firm quality review
FAP conducts periodic quality-review inspections of licensed audit firms, coordinating with the SEC Thailand on reviews of listed-company auditors. Quality-review findings are published for audit-firm transparency.
Policy coordination
SEC, BOT, DBD coordination
Coordinates with SEC Thailand on listed-company financial-reporting frameworks, with Bank of Thailand on banking-sector accounting, and with the Department of Business Development on small-entity audit thresholds and filing requirements.
ASEAN accounting standard bodies — regional comparison
National accounting and auditing standards-setters in ASEAN, 2024
Thailand
Standards body
FAP (Federation of Accounting Professions)
IFRS convergence status
TFRS converged with IFRS, tailored adoptions
CPA body
FAP CPA
Malaysia
Standards body
MASB (Malaysian Accounting Standards Board)
IFRS convergence status
MFRS: substantially IFRS-aligned since 2012
CPA body
MIA (Malaysian Institute of Accountants)
Singapore
Standards body
ASC (Accounting Standards Committee)
IFRS convergence status
SFRS(I): full IFRS convergence
CPA body
ISCA
Indonesia
Standards body
DSAK IAI (Dewan Standar Akuntansi)
IFRS convergence status
PSAK: partial convergence, phased timeline
CPA body
IAI
Vietnam
Standards body
MOF (Ministry of Finance)
IFRS convergence status
VAS: partial convergence, IFRS roadmap 2025
CPA body
VACPA
| Country | Standards body | IFRS convergence status | CPA body |
|---|---|---|---|
| Thailand | FAP (Federation of Accounting Professions) | TFRS converged with IFRS, tailored adoptions | FAP CPA |
| Malaysia | MASB (Malaysian Accounting Standards Board) | MFRS: substantially IFRS-aligned since 2012 | MIA (Malaysian Institute of Accountants) |
| Singapore | ASC (Accounting Standards Committee) | SFRS(I): full IFRS convergence | ISCA |
| Indonesia | DSAK IAI (Dewan Standar Akuntansi) | PSAK: partial convergence, phased timeline | IAI |
| Vietnam | MOF (Ministry of Finance) | VAS: partial convergence, IFRS roadmap 2025 | VACPA |
Watchpoints 2025-2026
Standards
TFRS 17 insurance contract adoption
TFRS 17 (Insurance Contracts) adoption timeline for Thai insurers is a key FAP coordination item with OIC and the Thai insurance industry. Implementation complexity is high for life insurers with long-duration contracts.
Capacity
CPA supply-demand gap
Thai CPA supply is estimated at 80,000 registered professionals against demand driven by 800-plus SET-listed companies, 500,000-plus registered businesses, and growing PDPA compliance audit demand. Pass rates constrain supply growth.
Regulatory
SEC listed-company audit-firm rotation
SEC Thailand's periodic review of audit-firm rotation rules and partner-tenure limits for listed-company auditors creates compliance obligations for Big 4 and mid-tier audit firms under FAP's quality-review framework.
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Featured in
The Thai Audit Market: Big-Four, Mid-Tier, and CPA Thailand Reserva...
Thai accounting and audit profession's regulatory body; sets TAS, TFRS, audit standards, and professional certifications.
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