IFRS Section - Doing Business
You will find here a series of summaries providing an overview of useful IFRS regulations, processes and IFRS issues for Doing Business in Thailand.
IFRS IC Agenda Decision on the IFRS 17 multi-currency groups of insurance contracts
In October 2022, the IASB approved the decision taken in September by the IFRS IC (see addendum to the September IFRIC Update, available here) deciding that there is no requirement for a group of multi-currency insurance contracts to be broken down into subgroups to account for currency exchange rate risk, and on the interaction between IFRS 17 and IAS 21 for these contracts.
IFRS IC Agenda Decision Lessor Forgiveness of Lease Payments
In the absence of an IASB objection in October, the IFRS IC issued an Agenda Decision (see addendum to the September IFRIC Update, available here) addressing the recognition of rent concessions granted by the lessor in application of IFRS 9 and IFRS 16.
IFRS IC Agenda Decision on SPACs: accounting for warrants on acquisition of a SPAC by an operating entity
In September 2022, the IFRS Interpretations Committee (IFRS IC) published a final agenda decision, accessible here, on accounting for warrants on acquisition of a Special Purpose Acquisition Company (SPAC) by an operating entity. This decision was discussed in October by the IASB, which did not oppose it.
IASB publishes narrow-scope amendment to IAS 1 on the classification of liabilities with covenants
On 31 October 2022, the International Accounting Standards Board (IASB) published amendments to IAS 1 on Non-current Liabilities with Covenants, which sets out the way in which covenants are taken into account in the classification of a debt as current or non-current.
Amendments to IFRS 16 – Lease liability in a sale and leaseback
On 22 September, the IASB published the amendments to IFRS 16 – Lease Liability in a Sale and Leaseback. These amendments clarify the subsequent measurement of sale and leaseback transactions where the initial sale of the underlying asset meets the IFRS 15 criteria for recognition as a sale. In particular, these amendments clarify the subsequent measurement of the lease liability arising from these transactions where there are variable lease payments that do not depend on an index or rate.