TFRS Exposure Drafts Released

On 27 October 2014, the Federation of Accounting Professions released the first exposure drafts of Thai Financial Reporting Standards (‘TFRS’) for public hearing and comment.

Keywords: Mazars, Thailand, Thai Accounting Standards, TFRS, TAS, TFRIC, TSIC, IFRS

29 January 2015

On 27 October 2014, the Federation of Accounting Professions released the first exposure drafts of Thai Financial Reporting Standards (‘TFRS’) for public hearing and comment.

These standards include: TFRS, Thai Accounting Standards (‘TAS’), Thai Financial Reporting Interpretations Committee (‘TFRIC’) and Thai Standing Interpretations Committee (‘TSIC’) which have been developed and revised to be in line with International Financial Reporting Standards (‘IFRS’) Bound Volume 2013 (Blue Book). The standards when announced will be effective from 2015 onwards, except TFRS 4 “Insurance contracts (revised 2014)” which will be announced and effective from 2016 onwards.

The exposure drafts comprise of:

(i)  Conceptual Framework for Financial Reporting (revised  2014)

(ii) TFRS: 10 standards (6 revised standards and 4 new standards)

(iii) TAS: 25 standards (revised from the current standards)

(iv) TFRIC: 12 standards (10 revised standards and 2 new standards)

(v)  TSIC: 7 standards (revised from the current standards)

(1) TFRS that will significantly change in principal or are new

Consolidation

TAS 27

Separate Financial Statements (revised 2014)

TAS 28

Investments in Associates and Joint Ventures (revised 2014)

TFRS 10

Consolidated Financial Statements

TFRS 11

Joint Arrangements

TFRS 12

Disclosure of Interests in Other Entities

Fair Value Measurement

TFRS 13

Fair Value Measurement

Other Interpretations

TFRIC 14

 

The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction for TAS 19 “ Employee benefit”

TFRIC 20

Stripping Costs in the Production Phase of a Surface Mine

(2) TFRS for which the guidelines will change

Presentation of Financial Statements and Others

TAS 1

Presentation of Financial Statements (revised 2014)

TAS 19

Employee Benefits (revised 2014)

TAS 34

Interim Financial Reporting (revised 2014)

 

Conceptual Framework for Financial Reporting

(3) TFRS that will not significantly change

TAS 11

Construction Contracts (revised 2014)

TAS 23

Borrowing Costs (revised 2014)

TAS 26

Accounting and Reporting by Retirement Benefit Plans (revised 2014)

TAS 29

Financial Reporting in Hyperinflationary Economies (revised 2014)

TAS 37

Provisions, Contingent Liabilities and Contingent Assets (revised 2014)

TFRS 6

Exploration for and Evaluation of Mineral Resources (revised 2014)

TFRS 8

Operating Segments (revised 2014)

TSIC 10

Government Assistance – No Specific Relation to Operating Activities (revised 2014)

TSIC 15

Operating Lease - Incentive (revised 2014)

TSIC 25

Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders (revised 2014)

TSIC 27

Evaluating the Substance of Transactions in the Legal Form of a Lease (revised 2014)

TSIC 29

Service Concession Arrangements: Disclosures (revised 2014)

TSIC 31

Revenue – Barter Transactions Involving Advertising Services (revised 2014)

TSIC 32

Intangible Assets – Web Site Costs (revised 2014)

TFRIC 1

Changes in Existing Decommissioning, Restoration and Similar Liabilities (revised 2014)

TFRIC 4

Determining Whether an Arrangement Contains a Lease (revised 2014)

TFRIC 7

Applying the Restatement Approach under TAS 29 (revised 2014)

TFRIC 10

Interim Financial Reporting and Impairment (revised 2014)

TFRIC 12

Service Concession Arrangements (revised 2014)

TFRIC 15

Agreements for the construction of Real Estate (revised 2014)

TFRIC 18

Transfers of Assets from Customers (revised 2014)

(4) TFRS for which the only changes are in the wording

Fair Value Measurement

TAS 2

Inventories (revised 2014)

TAS 8

Accounting Policies, Changes in Accounting Estimates and Errors (revised 2014)

TAS 10

Events After the Reporting Period (revised 2014)

TAS 16

Property, Plant and Equipment (revised 2014)

TAS 17

Leases (revised 2014)

TAS 20

Accounting for Government Grants and Disclosure of Government Assistance (revised 2014)

TFRS 2

Share-based Payment (revised 2014)

TFRS 4

Insurance Contracts (revised 2014)

TFRIC 13

Customer Loyalty Programmes (revised 2014)

Consolidation and Fair Value Measurement

TAS 18

Revenue (revised 2014)

TAS 21

The Effects of Changes in Foreign Exchange Rates (revised 2014)

TAS 36

Impairment of Assets (revised 2014)

TAS 38

Intangible Assets (revised 2014)

TFRS 3

Business Combinations (revised 2014)

TFRS 5

Non-current Assets Held for Sales and Discontinued Operation (revised 2014)

TFRIC 17

Distributions of Non-cash Assets to Owners (revised 2014)

Presentation of Financial Statements, Fair Value Measurement and Others

TAS 7

Statement of Cash Flows (revised 2014)

TAS 12

Income Taxes (revised 2014)

TAS 24

Related Party Disclosures (revised 2014)

TAS 33

Earnings Per Share (revised 2014)

TAS 40

Investment Property (revised 2014)

TFRIC 5

 

Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (revised 2014)

Refer: http://www.fap.or.th/index.php?mode=preview&lay=show&ac=article&Id=539826276&Ntype=30

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