Page 116 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

3.2 Financial reporting standards that became effective for fiscal years beginning on or
after 1 January 2023

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 2023. 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 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).

Finance cost

Interest expense from financial liabilities at amortised cost is calculated using the effective
interest method and recognised on an accrual basis.

4.2 Cash and cash equivalents

Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid

investments with an original maturity of three months or less and not subject to withdrawal
restrictions.

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