IFRS applicable at 31 December 2017

As a reminder, the following principles govern the first application of the IASB’s standards and interpretations.

Keywords: Mazars, Thailand, IFRS, IASB, IFRS IC, EU

5 January 2018

1. The IASB’s draft standards cannot be applied as they do not form part of the published standards.

2. The IFRS IC’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.

3. Standards published by the IASB but not yet adopted by the European Union at 31 December may be applied if the European adoption process is completed before the date when the financial statements are authorised for issue by the relevant authority (i.e. usually the board of directors).

4. Interpretations published by the IASB but not yet adopted by the European Union at the date when the financial statements are authorised for issue may be applied unless they conflict with standards or interpretations currently applicable in Europe.

It should also be noted that the notes of an entity applying IFRSs must include the list of standards and interpretations published by the IASB but not yet effective that have not been early applied by the entity. In addition to this list, the entity must provide an estimate of the impact of the application of those standards and interpretations.

As relates to minor amendments and interpretations, it seems relevant to limit such list to only those amendments and/or interpretations which are likely to apply to the entity’s activities.

1.   Situation of European Union adoption process for standards and amendments published by the IASB

Standard Subject Effective date according to the IASB Date of publication
 in the Official Journal
Application status
 at 31 December 2017
IFRS 9 Financial Instruments
(issued on 24 July 2014)

1/01/2018

Early application
permitted

29 November 2016

Effective for annual periods beginning on or after
1 January 2018

Permitted
Amendments
 to IFRS 9

Prepayment Features with Negative Compensation

(issued on 12 October 2017)

1/01/2019

Early application
permitted

Awaiting endorsement
 by the EU

(expected in 2018)

Not permitted
IFRS 15 Revenue from Contracts with Customers (issued on 28 May 2014) including amendments to IFRS 15: Effective date (issued on 11 September 2015)

1/01/2018

Early application
permitted

29 October 2016

Effective for annual periods beginning on or after

1 January 2018

Permitted
Amendments
 to IFRS 15

Clarifications to IFRS 15

(issued on 12 April 2016)

1/01/2018

Early application
permitted

9 November 2017

Effective for annual periods beginning on or after

1 January 2018

Permitted
IFRS 16

Leases

(issued on 13 January 2016)

1/01/2019

Early application
permitted

9 November 2017

Effective for annual periods beginning on or after

1 January 2019

Permitted

(if and only if IFRS 15
is early applied)

IFRS 17 Insurance Contracts
(issued on 18 May 2017)

1/01/2021

Early application
permitted

Awaiting endorsement
 by the EU

(date not yet announced)

Not permitted
Amendments
 to IAS 12

Recognition of Deferred Tax Assets for Unrealised Losses

(issued on 19 January 2016

1/01/2017

Early application
permitted

9 November 2017

Effective for annual periods beginning on or after

1 January 2017

Mandatory
Amendments
 to IAS 7
Disclosure Initiative
(issued on 29 January 2016)

1/01/2017

Early application
permitted

9 November 2017

Effective for annual periods beginning on or after

1 January 2017

Mandatory
Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
(issued on 12 September 2016)

1/01/2018

Early application
permitted

9 November 2017

Effective for annual periods beginning on or after

1 January 2018

Permitted
Amendments
 to IFRS 2
Classification and Measurement of Share-based Payment Transactions
(issued on 20 June 2016)

1/01/2018

Early application
permitted

Awaiting endorsement
 by the EU

(expected in Q1 2018)

Permitted (1)
Annual improvements
 to IFRSs
 2014-2016 Cycle

Annual improvements to various Standards

(issued on 8 December 2016)

1/01/2017

or 1/01/2018

Early application permitted for amendment to IAS 28

Awaiting endorsement
 by the EU

(expected in Q4 2017)

Permitted (1)
Amendments
 to IAS 40
Transfers of Investment Property
(issued on 8 December 2016)

1/01/2018

Early application
permitted

Awaiting endorsement
 by the EU

(expected in Q1 2018)

Permitted (1)(2)
Amendments
 to IAS 28

Long-term Interests in Associates and Joint Ventures

(issued on 12 October 2017)

1/01/2019

Early application permitted in same time as IFRS 9

Awaiting endorsement
 by the EU

(expected in 2018)

Permitted (1)(2)
Amendments
 to IFRS 10
 and IAS 28
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (issued on 11 September 2014)

Postponed

Early application permitted

Deferred Permitted (2)
IFRS 14

Regulatory Deferral Accounts

(issued on 30 January 2014)

1/01/2016

Early application
permitted

No endorsement

The EC has decided not to launch the endorsement process of this interim standard and to wait for the final standard

Not permitted

(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

2.   Situation of European Union adoption process for interpretations published by the IFRS IC

Interpretation Subject Effective date according to the IASB Date of publication
 in the Official Journal
Application status
 at 31 December 2017
IFRIC 22 Foreign Currency Transactions and Advance Consideration
(issued on 8 December 2016)

1/01/2018

Early application permitted

Awaiting endorsement
 by the EU

(expected Q1 2018)

 

Permitted (2)
IFRIC 23 Uncertainty over Income Tax Treatments
(issued on 7 June 2017))

1/01/2019

Early application permitted

Awaiting endorsement
 by the EU

(expected in 2018)

Permitted (2)

(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

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