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.
Taking climate-related matters into account in IFRS financial statements
In November 2020, the IFRS Foundation published educational material illustrating the circumstances under which the application of IFRSs might require entities to take account of climate issues.
Renewable power purchase agreements: draft narrow-scope amendments to IFRS 9
The IASB's IFRS 9 Amendments address Renewable Power Purchase Agreements, including green power contracts and hedge accounting requirements. These changes aim to enhance consistency and relevance in the treatment of such transactions while clarifying standards for own-use contracts and facilitating hedge accounting for virtual power purchase agreements (VPPA).
Amendments to IAS 21 – Lack of Exchangeability
In mid-August, the International Accounting Standards Board (IASB) published its amendments to IAS 21 entitled Lack of Exchangeability. These amendments were the subject of an Exposure Draft in April 2021. They clarify when a currency is exchangeable into another currency and how to determine the exchange rate when it is not.
IAS 29 – Financial Reporting in Hyperinflationary Economies and IAS 12 – Income Taxes
Following its June redeliberations, the IASB reached the following tentative decisions:
Categories and subtotals in profit or loss
In its redeliberations, the IASB recognised a need to provide clarifications on the classification of income and expenses in specific situations.