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.
IFRS IC Agenda Decision on SPACs: accounting for warrants on acquisition of a SPAC by an operating entity
In September 2022, the IFRS Interpretations Committee (IFRS IC) published a final agenda decision, accessible here, on accounting for warrants on acquisition of a Special Purpose Acquisition Company (SPAC) by an operating entity. This decision was discussed in October by the IASB, which did not oppose it.
IASB publishes narrow-scope amendment to IAS 1 on the classification of liabilities with covenants
On 31 October 2022, the International Accounting Standards Board (IASB) published amendments to IAS 1 on Non-current Liabilities with Covenants, which sets out the way in which covenants are taken into account in the classification of a debt as current or non-current.
Amendments to IFRS 16 – Lease liability in a sale and leaseback
On 22 September, the IASB published the amendments to IFRS 16 – Lease Liability in a Sale and Leaseback. These amendments clarify the subsequent measurement of sale and leaseback transactions where the initial sale of the underlying asset meets the IFRS 15 criteria for recognition as a sale. In particular, these amendments clarify the subsequent measurement of the lease liability arising from these transactions where there are variable lease payments that do not depend on an index or rate.
New IASB appointments
On 30 September, the Trustees of the IFRS Foundation announced the appointment of Patrina Buchanan and Hagit Keren as members of the IASB for a five-year term, representing Europe and Asia-Oceania respectively.
Proposed amendments to IFRS 9 on the SPPI test for debt assets
At its September meeting, the IASB continued its redeliberations on potential amendments to be made to IFRS 9 as part of the first phase of the Post-implementation Review (PiR) of IFRS 9.