Page 80 - Annual report eng 2019

Tycoons Worldwide Group (Thailand) Plc.

Entities are to apply this standard to all contracts with customers unless those contracts fall
within the scope of other standards. The standard establishes a five-step model to account for

revenue arising from contracts with customers, with revenue being recognised at an amount that
reflects the consideration to which an entity expects to be entitled in exchange for transferring
goods or services to a customer. The standard requires entities to exercise judgement, taking

into consideration all of the relevant facts and circumstances when applying each step of the
model.

This standard does not have any significant impact on the Company’s financial statements.

(b) Financial reporting standards that will become effective for fiscal years beginning on

or after 1 January 2020

The Federation of Accounting Professions issued a number of new and revised financial
reporting standards and interpretations, which are effective for fiscal years beginning on or after

1 January 2020. 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 except the following new standards which involve changes to key principles, which
are summarised below.

Financial reporting standards related to financial instruments

A set of TFRSs related to financial instruments consists of five accounting standards and
interpretations, as follows:

Financial reporting standards:

TFRS 7 Financial Instruments: Disclosures
TFRS 9 Financial Instruments

Accounting standard:

TAS 32 Financial Instruments: Presentation

Financial Reporting Standard Interpretations:

TFRIC 16 Hedges of a Net Investment in a Foreign Operation
TFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

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