- 2 - 2.6 The English version of the consolidated and separate financial statements have been prepared from the financial statements that are in the Thai language under law. In the event of a conflict or a difference in interpretation between the two languages, the Thai version of financial information shall prevail. 2.7 Thai Financial Reporting Standards affecting the presentation and disclosure in the current period financial statements During the year, the Group has adopted the revised financial reporting standards and the Conceptual Framework for Financial Reporting issued by the Federation of Accounting Professions which are effective for fiscal years beginning on or after January 1, 2021. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards, with most of the changes directed towards revisions to references to the Conceptual Framework in TFRSs, the amendment for definition of business, the amendment for definition of materiality and accounting requirements for interest rate reform. The adoption of these financial reporting standards does not have any significant impact on the Group’s financial statements. 2.8 Thai Financial Reporting Standards announced in the Royal Gazette but not yet effective The 2021 amendment to Thai Financial Reporting Standards No. 16 “Leases” (“TFRS 16”) added the requirements for the temporary exception arising from interest rate benchmark reform, which the Group shall apply these amendments for annual reporting periods beginning on or after January 1, 2022 with earlier application permitted. This revised TFRS 16 has been announced in the Royal Gazette on January 27, 2021. In addition, the 2021 amendment to TFRS 16 - Phase 2 has been announced in the Royal Gazette on May 13, 2021, which permits a lessee to apply the practical expedient regarding COVID-19-related rent concessions to rent concessions for which any reduction in lease payments affects only payments originally due on or before June 30, 2022. A lessee shall apply this amendment for annual reporting periods beginning on or after April 1, 2021 with earlier application is permitted. In addition, the Federation of Accounting Professions has issued the Notification regarding Thai Financial Reporting Standards (“TFRSs”) that are relevant to Interest Rate Benchmark Reform Phase 2 amendments (“Phase 2 amendments”) and amends Thai Financial Reporting Standards No. 4 “Insurance Contracts”, Thai Financial Reporting Standards No. 7 “Financial Instruments: Disclosures” and Thai Financial Reporting Standards No. 9 “Financial Instruments”. The Phase 2 amendments address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate. Such TFRSs have been announced in the Royal Gazette on June 28, 2021 and will be effective for the financial statements for the periods beginning on or after January 1, 2022 onwards with earlier application permitted. The Group’s management will adopt such TFRSs in the preparation of the Group’s financial statements when it becomes effective. The Group’s management is in the process to assess the impact of these TFRSs on the financial statements of the Group in the period of initial application. In addition, the Federation of Accounting Professions has issued the Notification regarding the amendments to Thai Financial Reporting Standards and guidelines on accounting which have been announced in the Royal Gazette on December 22, 2021. Such Thai Financial Reporting Standards and guidelines on accounting are not applicable to the Group. 304 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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