Thailand subsequently introduced the reform of accounting profession and accounting standards, and improvement in corporate governance after the crisis. Recently, Thai Accounting Standards (TASs) have complied in material respects with International Accounting Standards (IASs). Moreover, the Federation of Accounting Professions (FAP), a standard setting body, is in a process of issuing accounting standards for Non Publicly Accountable Entities (NPAEs) (FAP’s Announcement No. 62/2010). Nonpublic companies have been allowed for an exemption to prepare the statement of cash flows for many years because their financial