The Accountant Association of Thailand was originally established in 1948, then renamed the Institute of Certified Accountants and Auditors of Thailand in 1975 before assuming its current name, the Federation of Accounting Professions (TFAC) in 2004. Under the Accounting Professions Act B.E. 2547 of 2004, the TFAC is the only professional accountancy organization in Thailand and is responsible for regulating the accountancy profession under oversight from the Accounting Professions Regulatory Commission. The TFAC aims to unite all professional accountants for the benefit of professional development and livelihood. Its responsibilities include: (a) establishing initial professional development and continuing professional development requirements for the accounting profession; (b) supporting the unity and honor of members including providing for the welfare and benefits among members; (c) setting accounting and auditing standards; (d) establishing ethical requirements for professional accountants and monitoring the behavior and operation of registered members in accordance with professional ethics, such as establishing an investigative and disciplinary mechanisms; (e) issuing, suspending, and revoking professional accountants registration and license; (f) certifying accounting degrees or certificates to benefit member’s application; (g) certifying the training curriculum for professional accountants; (h) assisting, recommending, and disseminating knowledge about the accounting profession to the public; (i) providing advice and recommendations to the government regarding policies and issues related the accounting profession; (j) issuing the regulations of the FAP; and (k) acting as the representative of the accounting profession. The TFAC is also responsible for establishing a quality assurance review system for its members. The TFAC has been under the Royal Patronage of His Majesty the King since September 6, 2005. The TFAC awards the Certified Public Accountant designation and membership is mandatory for all auditors and bookkeepers. In addition to being a Member of IFAC, the TFAC is also a member of the ASEAN Federation of Accountants.