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.
Conceptual Framework for Financial Reporting
On 29 May 2015, the IASB published an exposure draft of its Conceptual Framework for financial reporting.
IASB Publishes Amendments to IFRS for SMEs
On 21 May 2015, the IASB published a whole range of amendments to the IFRS for SMEs (published in 2009). This marks the culmination of the first comprehensive review of the standard, which began in 2012.
IASB Unveils its Mission Statement
On 15 April 2015, during the meeting of IFRS Foundation Trustees in Toronto, the IASB unveiled its mission statement, which is summarised in the following terms: “Our mission is to develop International Financial Reporting Standards (IFRSs) that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.”
Leases: How Will they be Defined?
On 24 February 2015, the IASB staff published a Project Update on the definition of a lease. This document sets out the consequences of decisions taken by the two Boards in the course of their redeliberations of the scope of the future standard.
Amendment to IAS 1
On 10 February 2015 the IASB published an exposure draft aiming to clarify the criteria for classifying liabilities as either current or non-current on the balance-sheet. This exposure draft takes the form of a limited draft amendment to IAS 1 – Presentation of Financial Statements.