Page 155 - Mono Technology Public Company Limited : Annual Report 2014 EN

(b) Financial reporting standards that will become effective in the future

The Federation of Accounting Professions has issued a number of revised and new financial reporting
standards that become effective for fiscal years beginning on or after 1 January 2015. These financial
reporting standards were aimed at alignment with the corresponding International Financial

Reporting Standards, with most of the changes directed towards revision of wording and terminology,
and provision of interpretations and accounting guidance to users of accounting standards. The
management of the Company and its subsidiaries believes that in most cases they have not resulted
in changes in key principles. However, some of these financial reporting standards, involved changes
to key principles, are as follows:

Accounting Standard:
TAS 19 (revised 2014) Employee Benefits

Financial Reporting Standards:

TFRS 10 Consolidated Financial Statements

TFRS 11 Joint Arrangements

TFRS 12 Disclosure of Interests in Other Entities

TFRS 13 Fair Value Measurement

Based on the preliminary analysis, the management of the Company and its subsidiaries believes that
the accounting standard and financial reporting standards will not have any significant impact on
the financial statements.

4. Significant accounting policies

4.1 Revenue recognition

Sales of goods

Sales of goods are recognised when the significant risks and rewards of ownership of the goods have
passed to the buyer. Sales are the invoiced value, excluding value added tax, of goods supplied after

deducting discounts and allowances.
Rendering of services

Revenues from mobile value added service, advertising and other services relating to Internet business

and TV business are recognised when services have been rendered taking into account the stage of
completion.

Interest income

Interest income is recognised on an accrual basis based on the effective interest rate.

Dividends

Dividends are recognised when the right to receive the dividends is established.

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