The Oversight Committee on Accounting Professions has delayed the implementation of the International Financial Reporting Standard 9 (IFRS9) by a year to Jan 1, 2020 to allow concerned parties to prepare themselves.
Nuntawan Sakuntanaga, the commerce permanent secretary, announced the resolution on Tuesday, saying that the postponement was aimed at giving concerned regulatory bodies and companies time to prepare themselves.
IFRS9, applicable to only about 700-800 listed companies, will boost investors' confidence, she said.
She encouraged the companies with the readiness to implement the new standard before the postponed schedule.
Mrs Nuntawan dismissed the concern that the implementation would affect the access of small and medium-sized enterprises to loans. She said the concern was irrelevant because financial institutions considered economic conditions and borrowers' loan serviceability.
She also did not think the postponement would affect foreign investors' confidence. Guidelines on the issue would be publicised ahead of the implementation, she said.
The International Accounting Standards Board introduced IFRS 9 in response to the 2008 global financial crisis.
