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.
Development and implementation of IFRS Standards
On 14 May 2016, IOSCO (the International Organization of Securities Commissions) and the IFRS Foundation announced a Statement of Protocols that sets out their joint objective of promoting and facilitating transparency within capital markets through the development and consistent application of IFRS Standards.
May 2016 IFRS Update
The IASB’s publication of amendments to IFRS 15 on 12 April was followed, less than a month later, by the FASB’s publication of slightly different amendments to Topic 606.
Use of IFRS around the world
Use of IFRS as percentage of GDP is limited by two large jurisdictions that do not permit use of IFRS.
On 17 March 2016, the IFRS Foundation published its breakdown of the use of IFRS around the world, as a percentage of world Gross Domestic Product (GDP).
On 17 March 2016, the IFRS Foundation published its breakdown of the use of IFRS around the world, as a percentage of world Gross Domestic Product (GDP).
IFRS IC clarifies treatment of prepaid cards
The IFRS Interpretations Committee (IFRS IC) received a query regarding how an entity should classify a liability arising from the sale of a “prepaid card” that represents a monetary amount to the cardholder and can be redeemed in exchange for goods or services from a list of specified third-party merchants.
IFRS April 2016 update
The IASB has published amendments to IFRS 15 – Revenue from Contracts with Customers, which will have the same effective date as the standard itself, i.e. 1 January 2015. They emerge from the discussions of the Transition Research Group (TRG), which was set up jointly by the IASB and FASB to work on issues relating to implementation of the standard.