Page 143 - annual report AUCT 2025_Eng

Business Operation and Operating Results Corporate Governance Financial Statements Attachments
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 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 adoption of these financial reporting standards does not have any significant impact on the
Company’s financial statements.
3.2 Financial reporting standard that will become effective for fiscal years beginning
on or after 1 January 2026
The Federation of Accounting Professions issued a revised financial reporting standard, which is
effective for fiscal years beginning on or after 1 January 2026. This financial reporting standard was
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
บริิษััท สหการประมููล จำำากัด (มหาชน)
Union Auction Public Company Limited
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