Knowledge Understanding about Financial Standards for Non-Publicly Accountable Entities (TFRS for NPAEs) of Accountants in Small and Medium-Sized Entities

Abstract

This research aimed to study knowledge and understanding about Thai Financial Reporting Standards for Non-Publicly Accountable Entities (TFRS for NPAEs) of accountants in Small and Medium Enterprises (SMEs) and to study the personal factors that affected the level of knowledge and understanding about Thai Financial Reporting Standards for Non-Publicly Accountable Entities (TFRS for NPAEs) of accountants in Small and Medium Enterprises. Data were collected by the questionnaire with the sample of 220 people. The finding of the research found that most of the sample had knowledge and understanding about Thai Financial Reporting Standards for Non-Publicly Accountable Entities (TFRS for NPAEs) at a middle level. And the personal factors included age, educational level, work experience and the continuing professional development hours that correlated with knowledge and understanding about Thai Financial Reporting Standards for Non-Publicly Accountable Entities (TFRS for NPAEs) at the 0.05 level of statistical significance. The results of the study also found that the accountants should be improved their knowledge and understanding continually, particularly, in accounting standards which they had less knowledge level and also studied in higher level, especially, the accountants who graduated in High Vocational Certificate. They should be encouraged and supported to attend the seminars by the business owners or accounting supervisors, In addition, Thailand Federation of Accounting Professions (TFAC) and relevant departments had to arrange training courses both the theory and practice and created the additional manuals or examples for the Financial Reporting Standards and online trainings for the accountants.