IFRS applicable at 31 December 2017
As a reminder, the following principles govern the first application of the IASB’s standards and interpretations.
Keywords: Mazars, Thailand, IFRS, IASB, IFRS IC, EU
5 January 2018
1. The IASB’s draft standards cannot be applied as they do not form part of the published standards.
2. The IFRS IC’s draft interpretations may be applied if the two following conditions are met:
- The draft does not conflict with currently applicable IFRSs;
- The draft does not modify an existing interpretation which is currently mandatory.
3. Standards published by the IASB but not yet adopted by the European Union at 31 December may be applied if the European adoption process is completed before the date when the financial statements are authorised for issue by the relevant authority (i.e. usually the board of directors).
4. Interpretations published by the IASB but not yet adopted by the European Union at the date when the financial statements are authorised for issue may be applied unless they conflict with standards or interpretations currently applicable in Europe.
It should also be noted that the notes of an entity applying IFRSs must include the list of standards and interpretations published by the IASB but not yet effective that have not been early applied by the entity. In addition to this list, the entity must provide an estimate of the impact of the application of those standards and interpretations.
As relates to minor amendments and interpretations, it seems relevant to limit such list to only those amendments and/or interpretations which are likely to apply to the entity’s activities.
1. Situation of European Union adoption process for standards and amendments published by the IASB
Standard | Subject | Effective date according to the IASB | Date of publication | Application status |
IFRS 9 | Financial Instruments | 1/01/2018 Early application | 29 November 2016 Effective for annual periods beginning on or after | Permitted |
Amendments | Prepayment Features with Negative Compensation (issued on 12 October 2017) | 1/01/2019 Early application | Awaiting endorsement (expected in 2018) | Not permitted |
IFRS 15 | Revenue from Contracts with Customers (issued on 28 May 2014) including amendments to IFRS 15: Effective date (issued on 11 September 2015) | 1/01/2018 Early application | 29 October 2016 Effective for annual periods beginning on or after 1 January 2018 | Permitted |
Amendments | Clarifications to IFRS 15 (issued on 12 April 2016) | 1/01/2018 Early application | 9 November 2017 Effective for annual periods beginning on or after 1 January 2018 | Permitted |
IFRS 16 | Leases (issued on 13 January 2016) | 1/01/2019 Early application | 9 November 2017 Effective for annual periods beginning on or after 1 January 2019 | Permitted (if and only if IFRS 15 |
IFRS 17 | Insurance Contracts | 1/01/2021 Early application | Awaiting endorsement (date not yet announced) | Not permitted |
Amendments | Recognition of Deferred Tax Assets for Unrealised Losses (issued on 19 January 2016 | 1/01/2017 Early application | 9 November 2017 Effective for annual periods beginning on or after 1 January 2017 | Mandatory |
Amendments | Disclosure Initiative | 1/01/2017 Early application | 9 November 2017 Effective for annual periods beginning on or after 1 January 2017 | Mandatory |
Amendments to IFRS 4 | Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts | 1/01/2018 Early application | 9 November 2017 Effective for annual periods beginning on or after 1 January 2018 | Permitted |
Amendments | Classification and Measurement of Share-based Payment Transactions | 1/01/2018 Early application | Awaiting endorsement (expected in Q1 2018) | Permitted (1) |
Annual improvements | Annual improvements to various Standards (issued on 8 December 2016) | 1/01/2017 or 1/01/2018 Early application permitted for amendment to IAS 28 | Awaiting endorsement (expected in Q4 2017) | Permitted (1) |
Amendments | Transfers of Investment Property | 1/01/2018 Early application | Awaiting endorsement (expected in Q1 2018) | Permitted (1)(2) |
Amendments | Long-term Interests in Associates and Joint Ventures (issued on 12 October 2017) | 1/01/2019 Early application permitted in same time as IFRS 9 | Awaiting endorsement (expected in 2018) | Permitted (1)(2) |
Amendments | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (issued on 11 September 2014) | Postponed Early application permitted | Deferred | Permitted (2) |
IFRS 14 | Regulatory Deferral Accounts (issued on 30 January 2014) | 1/01/2016 Early application | No endorsement The EC has decided not to launch the endorsement process of this interim standard and to wait for the final standard | Not permitted |
(1) If the amendment is a clarification of an existing standard and is not in contradiction with current standards
(2) If the entity had not developed an accounting policy
2. Situation of European Union adoption process for interpretations published by the IFRS IC
Interpretation | Subject | Effective date according to the IASB | Date of publication | Application status |
IFRIC 22 | Foreign Currency Transactions and Advance Consideration | 1/01/2018 Early application permitted | Awaiting endorsement (expected Q1 2018)
| Permitted (2) |
IFRIC 23 | Uncertainty over Income Tax Treatments | 1/01/2019 Early application permitted | Awaiting endorsement (expected in 2018) | Permitted (2) |
(1) If the amendment is a clarification of an existing standard and is not in contradiction with current standards
(2) If the entity had not developed an accounting policy
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