Keywords: Mazars, Thailand, IFRS, IFRIC, IASB, EU
25 July 2019
For more information, please visit the European Financial Rerporting Advisory Group website (EFRAG) .
As a reminder, the following principles govern the first application of the IASB standards and interpretations:
1. The IASB’s exposure-drafts cannot be applied as they are not 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 but not yet adopted by the European Union may be applied if the European adoption process is completed before the interim financial reports have been approved by the relevant authority (i.e. usually the board of directors).
4. Interpretations published but not yet adopted by the European Union at the end of the interim financial reporting period may be applied unless they conflict with standards or interpretations currently applicable in Europe.
It should also be noted that under IAS 34 “Interim Financial Reporting”, the changes in accounting policies required by new standards must also be disclosed in the interim financial reporting published during the course of the year.
1. Situation of European Union adoption process for standards and amendments published by the IASB
(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