Valuation Based on Conceptual Framework for Financial Reporting - 2021

  • Jackraphan Phongpetra Lecturer in Accounting, Faculty of Accounting, Rajapruk University
Keywords: Valuation Based, Conceptual Framework, Financial Reporting


        Conceptual framework for new financial reporting which is expected to be effective in Thailand in 2021 has set the criteria for measuring the value of components of financial statements. Measurement is the determination of monetary amounts in order to recognize the components of a financial statement in the statement of financial position and the statements of comprehensive income. Measurement of value involves the selection of various measurement criteria in different proportions in a different way.  There are 3 measurement criteria as follows

  1. Historical cost measurement bases
  2. Current value measurement bases
           2.1  Fair value
           2.2  Value in use for assets and fulfilment value for liabilities
           2.3  Current cost

        The historical cost is the value that reflects the cost at the first transaction date of the asset at the time of acquisition or creation, that is, the value of the total cost incurred in acquiring or creating the asset. It consists of consideration paid to acquire or create assets and transaction costs. The historical cost of debt when it occurred or burdened is compensation received when liabilities occur or the business undertakes to deduct transaction costs. The historical cost, therefore, is the basic criterion for measuring assets or liabilities at the transaction date and the date of financial report.
       Current Value is a value that has a wider meaning than the current value specified in the original conceptual framework due to the present value according to the original conceptual framework is the present value of the future currency under the specified time period and rate of return but the present value is the use of value that provides monetary information about assets, liabilities, income, and related expenses that use the updated information to reflect conditions at the measurement date which is different from the historical cost due to the adjustment of present value of assets and liabilities to reflect changes in cash flow projections and other factors that reflect current value since the previous measurement date and later measurement.


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