BOT Postpones Implementation of TFRS 9 for Specialized Institutions
BOT issued a notification setting out rules on the preparation of accounts and financial reports for specialized financial institutions. As per the notification, the implementation period of Thai Financial Reporting Standard on Financial instruments (TFRS 9) has been postponed. If any specialized financial institutions wishes to comply with TFRS 9, the institution shall discuss the financial statement format with BOT and comply with the relevant rules stipulated by BOT for financial institutions. Until the regulations regarding TFRS 9 are announced for specialized financial institutions, these institutions must continue to make preparations in various areas to support TFRS 9 compliance.
Specialized financial institutions are the state-owned financial institutions established with each specific law, whose duties are to serve the government policies in promoting economic development and supporting investment. They are under the Ministry of Finance's supervision and BOT is empowered from the Ministry of Finance to engage in examination of their performances and risk-associated businesses.
In a separate notification, BOT announced that the government has enacted an Emergency Decree on Assistance and Rehabilitation of Business Operators affected by the COVID-19 to create additional liquidity for business operators. The Decree includes measures to reduce the debt burden of business operators by giving the business operator an opportunity to transfer assets, pay debts to financial institutions with a condition to buy back at the transferred price, and have the right to lease such assets back to operate the business to prevent liquidity issues or default on debt repayment. BOT also issued guidelines for the exemption of fees for implementing measures under the Emergency Decree.
Related Links (in Thai)
- Notification on Rules for Specialized Financial Institutions
- Rules for Specialized Financial Institutions (PDF)
- Notification on Emergency Decree Assistance
- Emergency Decree Assistance (PDF)
- Notification on Guidelines for Exemption of Fees
- Guidelines (PDF)
- Entities Under BOT Supervision (PDF)
Keywords: Asia Pacific, Thailand, Banking, Specialized Financial Institutions, TFRS 9, COVID-19, Credit Risk, Loan Repayment, Financial Instruments, IFRS 9, BOT
Featured Experts
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant
Anna Krayn
CECL adoption expert; engagement manager for loss estimation, internal risk capability enhancement, and counterparty credit risk management
Previous Article
EC Proposes Regulatory Framework for Artificial IntelligenceRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
