Following the financial difficulties in Thailand, pressure mounted for the development and adoption of global accounting standards. One of the main accounting reforms introduced in Thailand has been to accelerate the formulation and implementation of a
new set of practical accounting standards. The primary objective is to adopt internationally accepted accounting practices to the maximum extent possible, in order to improve the comparability, reliability and decisionusefulness of accounting information disclosed by business entities. The Institute of Certified Accountants
and Auditors of Thailand (ICAAT) announced in 1998 that the Thai Accounting Standards (TASs) were in the future to be based on the International Accounting Standards (IASs). The changes in accounting standards, including the adoption of new accounting issues, had the potential to change the recognition criteria, the measurement criteria and the ways to disclose accounting information in Thailand.