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 IAS 37
The IFRS IC agenda decision discusses a fact pattern in which an entity and a tax authority dispute whether the entity is required to pay a tax that is not within the scope of IAS 12 (liabilities, contingent liabilities and contingent assets relating to this tax thus fall within the scope of IAS 37).
Agenda decision on IFRS 15
This IFRS IC agenda decision relates to the approach used in practice to identify the performance obligations (POs) in a contract, based on a fact pattern in which a stock exchange charges two types of fee to a customer.
Update on IFRS 17 – Insurance Contracts
At its November meeting, the IASB decided to postpone the introduction of IFRS 17 – Insurance Contracts for a year. This means that instead of coming into effect for reporting periods commencing as of 1 January 2021, the standard will eventually be of mandatory application to periods beginning on or after 1 January 2022.
Share-based payment research project
On 31 October 2018, the IASB published a document entitled Share-based Payment — Research on Sources of Accounting Complexity on its website. This document summarises work performed and conclusions reached in the project.
IASB amends definition of “material”
As part of its Better Communication project, the IASB published amendments to IAS 1 and IAS 8 on 31 October 2018, to amend and clarify the definition of “material”.