Accountancy and Sustainable Economic Development: A Case Study of Thailand


Accountancy and Sustainable Economic Development: A Case Study of Thailand

Eric Bediako and John Walsh

To be presented at the IFRD Conference to be held here in the BBD Building on June 6th.


Thailand’s accountancy and corporate financial reporting have seen great improvements since the 1996/97 Asia financial crisis, which originated in part from Thailand. The Federation of Accounting Professions (FAP), which is the regulatory body of Thailand’s professional accountants, requires potential members to have successfully completed a bachelor’s degree or its equivalent in any of the universities in Thailand approved by the Federation. At any given time in a year, at least 3,000 candidates are in the process of attempting to pass the professional CPA examination set and administered by the Federation. A review of data over time shows that approximately 5-6% of the candidates pass at each sitting of the examination. The very low pass rate calls for changes in perspective of accounting and auditing education in Thailand’s universities. This paper attempts to highlight the importance of encouraging a robust level of accountancy education in academic institutions throughout Thailand, the need to improve and maintain the high quality of accountancy programmes to meet the high educational requirements of major accounting firms and to meet the need of modern professions, the need to create awareness of the high value of professional auditors and accountants and the need for transparent and sustainable reporting regime within Thailand’s corporate bodies for sustainable economic development. Relying on secondary data courses, this paper explores these themes and identifies the gaps between what is desired and what is available. Various recommendations are provided as a result.

Keywords: accountancy, CPA examinations, educational standards, Thailand

Eric Bediako is a PhD candidate, School of Management, Shinawatra University, Thailand

Dr. John Walsh is Director, SIU Research Centre, School of Management, Shinawatra University, Thailand


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