Although Thailand has not fully adopted US General Accepted Accounting Principles (GAAP) or the International Accounting Standard (IAS), companies listed on the Stock Exchange of Thailand (SET) must adhere to the Thai GAAP. In January 2005, the Securities and Exchange Commission (SEC) and the Federation of Accounting Professions (formerly The Institute of Certified Accountants and Auditors of Thailand or ICAAT) agreed to adopt the International Financial Reporting Standards (IFRS) as the accounting framework for all companies in the Thai capital market.

The Federation of Accounting Professions (FAP) and the Board of Supervisions of Auditing Practice are the two professional accounting and auditing bodies in Thailand. The FAP issues accounting standards (Thai Accounting Standards) while the Board of Supervision of Auditing Practice, a government agency affiliated with the Ministry of Commerce, supervises the auditing profession. Under the Accountancy Act B.E. 2543, Thai Accounting Standards (TAS) must be approved by the Ministry of Commerce and made into law before the standards can be adopted.

The SEC requires financial statements of all listed companies to be reviewed by external, independent auditors. These are publicly disclosed quarterly. The APEC link below profiles the accounting and auditing standards in Thailand.