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.
New IASB appointment
On 13 October 2022, the Trustees of the IFRS Foundation announced the appointment of Florian Esterer to the IASB for a five-year term from April 2023.
Proposed amendments to IFRS 9 and IFRS 7 on the SPPI test for debt assets: disclosure and first-time application
At its September 2022 meeting, the IASB tentatively decided to amend IFRS 9 to clarify the application of the SPPI test to debt assets.
IFRS 9: decisions arising from the PIR Phase 1– Classification and measurement
At its October 2022 meeting, the IASB continued its discussions on the topics identified in the context of the IFRS 9 Phase 1 post implementation review.
IFRS IC Agenda Decision on the IFRS 17 multi-currency groups of insurance contracts
In October 2022, the IASB approved the decision taken in September by the IFRS IC (see addendum to the September IFRIC Update, available here) deciding that there is no requirement for a group of multi-currency insurance contracts to be broken down into subgroups to account for currency exchange rate risk, and on the interaction between IFRS 17 and IAS 21 for these contracts.
IFRS IC Agenda Decision Lessor Forgiveness of Lease Payments
In the absence of an IASB objection in October, the IFRS IC issued an Agenda Decision (see addendum to the September IFRIC Update, available here) addressing the recognition of rent concessions granted by the lessor in application of IFRS 9 and IFRS 16.