Page 106 - One Report Thai Final_ENG_2021

Tycoons Worldwide Group (Thailand) Plc.

3 New financial reporting standards

3.1 Financial reporting standards that became effective in the current period

During the period, the Group has adopted the revised financial reporting standards and
interpretations which are effective for fiscal years beginning on or after 1 January 2021. These
financial reporting standards were aimed at alignment with the corresponding International

Financial Reporting Standards with most of the changes directed towards clarifying
accounting treatment and providing accounting guidance for users of the standards.

The adoption of these financial reporting standards does not have any significant impact
on the Group’s financial statements.

3.2 Financial reporting standards that became effective for fiscal years beginning on or
after 1 January 2022

The Federation of Accounting Professions issued a number of revised financial reporting
standards, which are effective for fiscal years beginning on or after 1 January 2022. These

financial reporting standards were aimed at alignment with the corresponding International
Financial Reporting Standards with most of the changes directed towards clarifying
accounting treatment and, for some standards, providing temporary reliefs or temporary
exemptions for users.

The Group’s management believes that adoption of these does not have any significant

impact on the Group’s financial statements.
4. Significant accounting policies

4.1 Revenue and expense recognition

Sales of goods

Revenue from sale of goods is recognised at the point in time when control of the asset is

transferred to the customer, generally upon delivery of the goods. Revenue is measured at
the amount of the consideration received or receivable, excluding value added tax, of goods
supplied after deducting returns and discounts.

Interest income

Interest income is calculated using the effective interest method and recognised on an
accrual basis. The effective interest rate is applied to the gross carrying amount of a
financial asset, unless the financial assets subsequently become credit-impaired when it is
applied to the net carrying amount of the financial asset (net of the expected credit loss

allowance).

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