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.
Exposure draft on financial statements
There are only a few days left for stakeholders to submit comments to the IASB on the exposure draft of a proposed new standard on general presentation and disclosure requirements for financial statements, replacing IAS 1. The comment period was extended by three months due to the COVID-19 crisis and will now end on 30 September 2020.
IASB work plan updated in 2020
Following its July meeting, the IASB updated its work plan. The main changes, by theme, are as follows:
IASB defers effective date of amendments to IAS 1
On 15 July 2020, the IASB published an amendment to the amendments to IAS 1. It defers by one year the effective date of these amendments, which relate to the classification of liabilities as current or non-current.
Recognition of other costs
Under Thai Financial Reporting Standards, how do you account for the other costs associated with acquiring property, plant and equipment in a business transfer agreement?
Issuer’s fair disclosure about COVID-19 impacts
On 29 May, IOSCO (the International Organization of Securities Commissions, which brings together market regulators such as ESMA, the European Securities and Markets Authority) issued a press release encouraging preparers of financial statements to publish fair disclosure on the impacts of the COVID-19 crisis.