Although Thailand has not fully adopted US Generally 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 [ICAAT]) agreed to adopt the International Financial Reporting Standards (IFRS) as the accounting framework for all companies in Thai capital markets.

The Federation of Accounting Professions (FAP) and the Board of Supervisions of Auditing Practice are the two professional accounting and auditing bodies in Thailand. FAP issues the Thai Accounting Standards (TAS) and 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, TAS must be approved by the Ministry of Commerce and made into law before the standards can be adopted.

SEC requires financial statements of all listed companies to be reviewed by external, independent auditors. These are also to be publicly disclosed on a quarterly basis.

The Bankruptcy Act (B.E. 2483) is the primary law that covers bankruptcies in Thailand. The Act was amended in 1998 to aid in the financial rehabilitation of insolvent companies. It was further amended in 1999 to establish a Bankruptcy Court to adjudicate insolvency proceedings.

The World Bank's Doing Business Survey assesses business closures. Results for Thailand can be found at the link below.

The Asia-Pacific Restructuring and Insolvency Guide 2006 provides a guide to explain the restructuring and insolvency frameworks of Asia-Pacific countries. The link, which also includes discussion of the implementation of B.E. 2483 and Thailand’s financial restructuring, is provided below.

The Government established the National Corporate Governance Committee (NCGC) in 2002. Chaired by the Prime Minister, the NCGC conducts seminars, gives out awards, and provides advisory services.

The Stock Exchange of Thailand (SET) issues a code of best practices for directors of listed companies. While not legally binding, the code includes guidelines on transparency of directors' remuneration, board member selection, and corporate financial disclosure.

The Thai Institute of Directors Association (IOD) also issues a code of ethics. IOD publications include the Thai Directors Compensation Survey and a study on Strengthening Corporate Governance Practices in Thailand.

The Civil and Commercial Code governs private transactions in Thailand. Currently, there is no comprehensive English language translation of the Thai Civil and Commercial Code.

The World Bank's Doing Business Survey assesses data on contract enforcement.