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Mazars Thailand Accounting Standards Update - April 2011 Part 2

The International Accounting Standards Board (‘IASB’) has decided that the future standards on consolidation would come into effect on 1 January 2013.

18/04/2011

Keywords: Thailand, Accounting, IFRS, International Accounting Standards Board

These standards are:

  • IFRS 10 on Consolidated Financial Statements, (replacing IAS 27 for the consolidation of subsidiaries and SIC 12 on Special Purpose Entities);
  • IFRS 11 Joint Arrangements (replacing IAS 31 on Joint Ventures);
  • IFRS 12 Disclosure of Involvement with Other Entities (summarising the arrangements in IAS 27, IAS 31 and IAS 28 with amendments due to the publication of IFRS 10 and IFRS 11);
  • IAS 27 as amended in 2011.
  • IAS 28 as amended in 2011.

Early application will be authorised insofar as all the new standards on consolidation will be applied at the same time.

The transitional requirements for IFRS 10 and IFRS 11, i.e. a limited retrospective application, have also been confirmed.

The date of 1 January 2013 was chosen after taking into consideration the comments received during the consultation on dates of application and transitional measures. It was generally considered by stakeholders that applying these new standards would not require significant resources.

The new standards, some of which have been expected for several months, will be published very soon. A projected timetable for the run-up to publication will be published on the IASB web site.

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