Background
Prakas No.354 MEF.Prk dated 9 May 2022 establishes implementation guidelines for accounting for fixed assets applicable to public budget entities. The Accounting and Auditing Regulator (ACAR) conducts outreach to budget entities to support compliance with Ministry of Economy and Finance accounting directives.
On 21 May 2026 ACAR management and officials convened an online meeting via Zoom to facilitate and provide additional guidance to budget entities for aligning budget planning with the Prakas. The meeting was chaired by H.E. Ming Bansovannatichasila, Deputy Director General of the General Department of National Treasury, and included representatives from the General Department of Budget, the General Department of Public Financial Management Information Technology, the General Department of Public Procurement, and the General Department of State Property and Non-Tax Revenue, with approximately 65 participants.
Scope of Application
Prakas No.354 applies to public budget entities responsible for planning, recording, and reporting fixed assets held by the state or funded through public budgets. The guidance covers the accounting treatment and budget-planning interface for long-term assets rather than private-sector fixed-asset accounting rules.
Key Provisions or Decisions
The meeting focused on operationalizing the implementation guidance in Prakas No.354 and clarifying expectations for budget preparation and asset recognition. ACAR and participating departments emphasized coordination between accounting units and the General Department of National Treasury to ensure budget submissions reflect fixed-asset accounting requirements.
Implications for Investors, Businesses, or Compliance
Public budget entities are expected to incorporate fixed-asset accounting practices into annual budget planning and recordkeeping to meet the Prakas requirements. Compliance implications include adjustments to budget schedules and internal controls so that asset acquisitions and disposals are captured consistently with the Ministry of Economy and Finance guidance.
Official Source
Original report published by the Accounting and Auditing Regulator on 21 May 2026: ACAR Facebook post.
