Federation of Accounting Profession (FAP) in Thailand has announced a number of Thai Accounting Standards (TASs) and Thai Financial Reporting Standards (TFRSs)(Revised 2009) which became effective on and after January 1, 2011. The changes in TASs and TFRSs affect the presentation of financial statements, the accounting items, and the accounting policies. The main change is changing the statement name from balance sheet to statement of financial position. TAS 1 (Revise 2009) Presentation of Financial Statements does not require the specific sequence and format of statement of financial position. For the presentation of statement of comprehensive income, the companies can select to present the statement of comprehensive income as one statement or present income statement and statement of comprehensive income separately as two statements. The unused property plant and equipment is classified as investment property, and the recognition of employee benefit obligations relies on the actuarial assumption. A study of the effects of changes in TASs and TFRSs in 2011 on listed companies on SET 50 found that all firms present the statement of financial position by positioning assets before liabilities and equities, current assets are presented prior to non-current assets and current liabilities are presented prior to non-current liabilities. Most companies select to present the statement of comprehensive income separately from income statement. The new items in statement of financial position are investment property as assets and employee benefit obligations as liabilities.