All legal entities registered in Thailand have a legal obligation to prepare and keep accounts. Thai Financial Reporting Standards (TFRS) are required to be applied in the preparation and presentation of financial statements of domestic publicly accountable entities. Each company has to produce a balance sheet and a profit and loss account for each accounting year, and needs to file an audit. This is filed with the Revenue Department (RD) and Department of Business Development (DBD).
The annual audit report must be filed within 150 days after the close of the accounting period. Failing to file an annual audit, maintain the accounts or deliberately alter them for your benefit may result in fines, penalties or a summons from the authorities.