Accounting Section - Doing Business
Explore a series of summaries providing an overview of useful accounting regulations, processes and accounting issues for doing business in Thailand.
Publication of a Limited Amendment to IAS 36
On 29 May 2013, the IASB published the final amendments to IAS 36 following the entry into force of IFRS 13, Fair value measurement.
Q&A – Subsequent Costs of PPE
How should an entity record replacement costs when it has not separately recorded the cost s of replaced part? In normal business operations it may be necessary to replace significant components or parts of larger assets.
Separate Financial Statements: Equity Method
The 2013 May IASB Update has been published with the tentative decision to allow an entity to account for investments in subsidiaries, associates and joint ventures using the equity method in their separate financial statements.
Direction of Thai Financial Reporting Standards
The Federation of Accounting Professions (‘FAP’) is currently revising Thai Financial Reporting Standards, including Thai Accounting Standards (‘TAS’), (together, ‘TFRS’), in accordance with International Financial Standards (‘IFRS’).
Accounting for Leases
The International Accounting Standards Board (responsible for IFRS) and the Financial Accounting Standards Board (responsible for US GAAP) (“the Boards”) are working on a joint project to revise the accounting for operating leases. In their initial exposure draft, the Boards recognised the ‘right-of-use model’.