Page 131 - One report AUCT2024_Eng

Part 3
Financial Statements
The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies.
3. New financial reporting standards
3.1 Financial reporting standards that became effective in the current year
During the year, the Company has adopted the revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2024. 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 Company’s financial statements.
3.2 Financial reporting standards that will become effective for fiscal years beginning on or after 1 January 2025
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 2025. 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 management of the Company believes that adoption of these amendments will not have any significant impact on the Company’s financial statements.
4. Accounting policies
4.1 Revenue and expense recognition
Rendering of services
Service revenue is recognised at a point in time upon completion of the service.
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
บริษัท สหการประมูล จากัด (มหาชน)
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Union Auction Public Company Limited