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.
Agenda decision on accounting for deferred tax
The IFRS IC received a request about how an entity, in its consolidated financial statements, should account for deferred tax related to its investment in a subsidiary when profits are taxable only when distributed (i.e. only the group’s distributed profits are taxed; profit distributions that have already been taxed once at the subsidiary level are not taxed again at the parent company level).
Agenda decision on sale-and-leaseback transactions
The IFRS Interpretations Committee (IFRS IC) received a request about the accounting treatment of sale-and-leaseback transactions with variable payments.
IFRS IC publishes agenda decision on player transfer payments
The IFRS Interpretations Committee (IFRS IC) received a request about the recognition in profit or loss of transfer payments received when a football club transfers a player under contract to another club.
Amendments to IFRS 17 and IFRS 4 published
On 25 June, the IASB published the final amendments to IFRS 17, which aim to simplify and clarify various aspects of the accounting for insurance and reinsurance contracts. One of the key amendments is that the mandatory effective date of IFRS 17 will be deferred by two years, to annual reporting periods commencing on or after 1 January 2023.
IFRS taxonomy
On 17 March 2020, the IFRS Foundation published the IFRS Taxonomy 2020, which translates IFRSs into XBRL (eXtensible Business Reporting Language).