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The consolidated and entity financial statements have
been prepared under the historical cost convention except as
disclosed in the accounting policy for investments below.
The preparation of financial statements in conformity with
Thai Financial Reporting Standards requires the use of certain
critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Group’s
accounting policies. The areas involving a higher degree of
judgement or complexity, or areas where assumptions and
estimates are significant to the consolidated and entity financial
statements are disclosed in Note 5.
An English version of the consolidated and entity
financial statements has been prepared from the statutory financial
statements that are in the Thai language. In the event of a conflict
or a difference in interpretation between the two languages,
the Thai language statutory financial statements shall prevail.
2.2
New financial reporting standards and revised financial reporting standards
1) New financial reporting standards and revised accounting standards, revised financial reporting standards are effective
on 1 January 2015. These standards are relevant to the Group:
a) Financial reporting standards, which have a significant impact to the Group:
TAS 1 (revised 2014)
TAS 19 (revised 2014)
TAS 27 (revised 2014)
TAS 28 (revised 2014)
TFRS 10
TFRS 11
TFRS 12
TFRS 13
TFRIC 14 (revised 2014)
Presentation of financial statements
Employee benefits
Separate financial statements
Investments in associates and joint ventures
Consolidated financial statements
Joint arrangements
Disclosure of interests in other entities
Fair value measurement
TAS 19 - The limit on a defined benefit asset, minimum
funding requirements and their interaction
TAS 1 (revised 2014), the main change is that
a requirement for entities to Group items presented
in ‘other comprehensive revenues and expenses’ (OCI)
on the basis of whether they are potentially reclassifiable
to revenues and expenses subsequently (reclassification
adjustments). The amendments do not address which items
are presented in OCI. The group has already grouped and
presented items in statement of comprehensive revenues
and expenses following the changes in this standard.
TAS 19 (revised 2014), the key changes are (a) actuarial
gains and losses are renamed ‘remeasurements’ and
will be recognised immediately in ‘other comprehensive
revenues and expenses’ (OCI). Actuarial gains and
losses will no longer be deferred using the corridor
approach or recognised in revenues and expenses; and
(b) past-service costs will be recognised in the period
of a plan amendment; unvested benefits will no longer
be spread over a future-service period. This standard has
no significant impact to the Group.