TFRS 15: Revenue from contracts with customers

In May 2014, the International Accounting Standards Board (“IASB”) published a new standard, IFRS 15 “Revenue from contracts with customers” which was jointly issued by the IASB and the Financial Accounting Standards Board (“FASB”).

Keywords: Mazars, Thailand, Accounting, IASB, FASB, US GAPP, FAP, IFRS, TFRS 15

7 October 2016

The principal objective of IFRS 15 is to develop and converge US GAPP and IFRS recognition of revenue.

The Federation of Accounting Professions (“FAP”) translated this standard into Thai and published the exposure draft on their website for public hearing and comment.  Currently, a FAP committee is in the process of considering this standard for approval, which is expected to become effective in 2019.

When the new standard is announced and becomes effective in Thailand, the current accounting standards listed below will be discontinued.

 

Topic

TAS 11

Construction Contracts

TAS 18

Revenue

TSIC 31

Revenue – Barter Transactions Involving Advertising Services

TFRIC 13

Customer Loyalty Programmes

TFRIC 15

Agreements for the Construction of Real Estate

TFRIC 18

Transfers of Assets from Customers

For more information, please read proposed clarifications to IFRS 15 published or visit the FAP's website

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