Accounting Section - Doing Business
Explore a series of summaries providing an overview of useful accounting regulations, processes and accounting issues for doing business in Thailand.
Real Estate Construction
An agreement for the construction of real estate meets the definition of a construction contract (IAS 11) when the buyer is able to specify the major structural elements of the design of the real estate before construction begins and/or specify major structural changes once construction is in progress (whether or not it exercises that ability).
Revenue Recognition Published Soon
In May 2013, the IASB concluded discussions on the future standard on Revenue Recognition. The IASB therefore considered that due process had been sufficient to allow the publication of this text, now anticipated in Q3 2013.
Publication of a Limited Amendment to IAS 36
On 29 May 2013, the IASB published the final amendments to IAS 36 following the entry into force of IFRS 13, Fair value measurement.
Q&A – Subsequent Costs of PPE
How should an entity record replacement costs when it has not separately recorded the cost s of replaced part? In normal business operations it may be necessary to replace significant components or parts of larger assets.
Separate Financial Statements: Equity Method
The 2013 May IASB Update has been published with the tentative decision to allow an entity to account for investments in subsidiaries, associates and joint ventures using the equity method in their separate financial statements.