Guidance on Revenue from Contracts with Customers
TFRS 15, “Revenue from Contracts with Customers”, is now effective (for periods beginning on or after 1 January 2018, with earlier adoption permitted).
Keywords: Mazars, Thailand, Accounting, TFRS 15, PAEs, TFAC
15 May 2019
As a result, Publicly Accountable Entities (PAEs) must adopt TFRS 15 for their financial statements from the first quarter of 2019 onward. The five-step approach set out in this standard will have an effect on revenue recognition.
In addition, the Thailand Federation of Accounting Professions (TFAC) has issued guidance on TFRS 15 on its website.
This guidance addresses the following topics:
4. Recognition and measurement
5. Other matters (right of return, warranties, licences, incremental costs of obtaining a contract, repurchase agreements, and other)
This guidance is intended only as general information for entities newly adopting this standard and preparing their financial statements.
For more information, please visit the federation accounting of professions website.