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.

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