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: classification of public shares as financial liabilities or equity

In July 2022, the IFRS IC published a final agenda decision (available here and now approved by the IASB) on whether public shares issued by a SPAC (Special Purpose Acquisition Company) should be classified as financial liabilities or equity. A SPAC is an ad hoc entity created by its founders to raise capital through an initial public offering, for the purposes of acquiring a target company within a time frame specified from the outset (e.g. 18 months).

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IFRS IC agenda decision on transfer of insurance coverage under a group of annuity contracts

At the IASB’s July meeting, it also ratified the agenda decision reached by the IFRS IC in June (available here) on methods for determining the amount of revenue to be recognised on immediate annuity contracts.

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IFRS IC agenda decision on negative low emission vehicle credits

The IFRS Interpretations Committee (IFRS IC) has published a final agenda decision (available here) on government measures to encourage reductions in vehicle CO2 emissions. It was ratified by the International Accounting Standards Board (IASB) in July.

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IPTF publishes document for discussion on hyperinflationary economies

The International Practices Task Force (IPTF) of the Center for Audit Quality (CAQ) SEC Regulations Committee has again updated its document for discussion identifying countries that are considered to have hyperinflationary economies. Ethiopia, Suriname and Yemen have been added to the list of countries with a three-year cumulative inflation rate exceeding 100%.

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FICE project: discussions continue

At its meeting on 20 June 2022, the IASB continued its discussions on the FICE (Financial Instruments with Characteristics of Equity) project, following a request from the IFRS Interpretations Committee. The Board discussed the reclassification of financial instruments issued by an entity from financial liabilities to equity or vice versa, when the substance of the contractual terms changes without a modification to the contract.

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