From the previous article ” Insurance Business…Get Ready, IFRS 17 is Coming!”, we probably have a rough idea of what IFRS 17 is. Today, we will delve deeper into what IFRS stands for, and what TFRS is. Triforce
I would like everyone to read this blog to gain knowledge and prepare to deal with this change.
As times change, laws and accounting standards must change to comply with international accounting standards and create opportunities for more reliable investment in the country.
What is IFRS?
It is a financial reporting standard that is accepted worldwide in more than 120 countries, issued by the IASB or International Accounting Standard Board to provide the same standards worldwide.
What is TFRS?
To put it simply, we have two groups of international accounting standards: IAS and IFRS. TFRS (Thai Financial Reporting Structure) is a financial reporting standard for Thailand that complies with Thai laws.
Benefits of TFRS
The information will be more transparent and easily verifiable. It will also make investment decisions in Thailand easier because there will be a single global standard.
Is IFRS 17 really coming?
Financial Reporting Standard No. 17 on Insurance Contracts, Thailand initially planned to use it in 2022, but will it be postponed again? This depends on the future and the readiness of each organization.
Issues that may result in delays in enforcement
- Not ready in time
- Don’t understand the standards
- Financial statements are volatile
Having read up to this point, you may be wondering who needs to prepare for this change. The answer is the insurance and life insurance business. Triforce would like to advise the insurance business to invest now because IFRS 17 is coming in no more than 3 years. Having read up to this point, many of you may be wondering which solutions support reporting on financial accounting standards like IFRS, right?
Admin would like to recommend Infor solutions such as SunSystems that will support IFRS 17 which will be coming in the next few years. It can support multi-ledger/multi-book work. In addition, Triforce is also a partner with CCH Tagetik that has UPM solutions that will support this IFRS as well.
If you are interested in our solutions, you can request a free demo now or email us at info@triforcegs.com.
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