On Friday, 25 July 2025, members of Glam Habitat's accounting team attended "การกระทบยอดรายได้ทางบัญชีและภาษีอย่างมืออาชีพ" ("Professional Reconciliation of Accounting and Tax Revenue"), a full-day seminar organized by Sanpakornsarn (สรรพากรสาส์น) in the Phuket Grand Ballroom at Royal Phuket City Hotel.
Keeping our books accurate and fully compliant with Thai accounting and tax law is a year-round responsibility, not a once-a-year task. Days like this give our finance team a chance to hear directly from the specialists who work with these standards daily, and to bring that knowledge back into how we manage the hotel's accounts.
Professional Ethics and Standards for Accountants
The day opened with a session on professional ethics for accountants, covering the Federation of Accounting Professions' 2018 regulations, the Code of Ethics for Professional Accountants (2022 edition), and the Accounting Professions Act B.E. 2547 (2004). It was a grounding reminder that good bookkeeping starts with the standards accountants are held to, not just the numbers themselves.
The Building Blocks of a Compliant Financial Statement
A following session broke down the components of a financial statement, from assets, liabilities, and equity to income and expenses, and looked at how these are treated differently depending on whether a business qualifies as a Publicly Accountable Entity (PAE) or a Non-Publicly Accountable Entity (NPAE). For a business our size, understanding exactly where we sit in that distinction matters for how our own statements should be prepared.
Presenting Financial Statements Under TFRS for NPAEs
The seminar then turned to Thai Financial Reporting Standards for Non-Publicly Accountable Entities (TFRS for NPAEs), with a close look at Chapter 4 on the presentation of financial statements, alongside a wider discussion of recognizing revenue completely and accurately, including guidance from TFRS 15 on revenue from contracts with customers. The session also worked through practical case studies on recognizing revenue correctly, whether from selling goods, providing services, or running a customer loyalty programme.
Reading the Numbers: Financial Statement Analysis Techniques
An afternoon session covered techniques for analyzing financial statements, including horizontal analysis (comparing figures year over year), vertical analysis (comparing line items to a common base), and ratio analysis. The seminar closed with a look at the tax rules tied directly to revenue, from recognizing revenue for tax purposes to VAT and withholding tax treatment across different kinds of business arrangements, including online sales, consignment, and hire purchase.
Why This Matters to Us
A great stay at Glam Habitat depends on more than the villa and the pool, it also depends on the business behind it being managed properly. Seminars like this help our accounting team stay current on the standards and tax rules that keep our books accurate, our reporting trustworthy, and our decisions well informed. It's also a good reminder that running a small, independent hotel well means investing in the same professional standards used across the wider Thai hospitality and business community.
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