Keywords: Mazars, Thailand, IFRS, EU, IASB, IFRIC, IAS
11 July 2016
For each text, we clarify whether it is mandatory for this closing of accounts, or whether early application is permitted, based on the EU endorsement status report (Position 8 June 2016):
As a reminder, the following principles govern the first application of the IASB’s standards and interpretations:
- The IASB’s draft standards cannot be applied as they are not published standards.
- IFRIC’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.
- Standards published but not yet adopted by the European Union may be applied if the European adoption process is completed before the interim financial reports have been approved by the relevant authority (i.e. usually the board of directors).
- Interpretations published but not yet adopted by the European Union at the end of the interim financial reporting period may be applied unless they conflict with standards or interpretations currently applicable in Europe.
It should also be noted that under IAS 34 “Interim Financial Reporting”, the changes in accounting policies required by new standards must also be disclosed in the interim financial reporting published during the course of the year.
Situation of European Union adoption process for standards and amendments published by the IASB
(*) The IASB has deferred the effective date of IFRS 15 by one year (i.e. for annual reporting periods beginning on or after 1 January 2018.
(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