Asset Management for Revenue Generation of the State Railway of Thailand: Accounting Issues, Lease Governance, and Strategies for Non-fare Revenue Growth

Abstract

This academic article examines how the State Railway of Thailand (SRT) can convert railway assets into non-fare revenue, defined here as revenue other than freight charges and passenger fares. It applies systematic document analysis to SRT financial statements and audit reports for 2021–2025, together with asset-management standards, Thai financial reporting standards, and international railway cases. Asset-management revenue increased from THB 3,111.70 million to THB 4,216.78 million, an average annual growth of 7.89%, whereas related receivables increased from THB 864.33 million to THB 2,182.10 million, or 26.05% per year. The receivables-to-revenue ratio consequently rose from 27.78% to 51.75%. Recurrent audit observations also concern asset registers, property classification, lease currency, receivable confirmation, and accounting recognition. The article synthesizes a Rail Asset Revenue Conversion Framework linking five necessary conditions: Asset Certainty, Contract Certainty, Market & Pricing Discipline, Cash Conversion Discipline, and Accounting Reliability. The framework clarifies how upstream data weaknesses propagate into pricing, billing, collection, and financial reporting, and how accounting exceptions should feed back to master asset and contract data. Practical recommendations focus on a shared Asset ID–Contract ID architecture, contract and receivable remediation, market-based pricing, and joint performance indicators for SRT and SRT Asset Co., Ltd. The contribution is an integrated, auditable chain for translating asset rights into realized cash flow rather than recognized revenue alone.