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.
Discussions on the equity method
Following the 2015 consultation on its work plan for 2017-2021, the IASB decided to add the equity method to its list of research projects. However, the project did not get going until October 2020, once the PiR of the consolidation standards was almost ready to be launched. In fact, it was only recently that discussions began on identifying problems relating to the application of IAS 28.
Classification of liabilities with covenants: clarification of the scope of the amendment to IAS 1 proposed in November 2021
In November 2021, the International Accounting Standards Board (IASB) published an exposure draft of proposed limited-scope amendments to IAS 1, supplementing the initial exposure draft published in January 2020. The November 2021 amendments focused specifically on how covenants affect the classification of a liability as current or non-current, and the disclosures required on this topic.
ESMA highlights key issues for 2022 interim reporting raised by Russia’s invasion of Ukraine
On 13 May 2022, ESMA published a statement (available here) highlighting key issues raised by Russia’s invasion of Ukraine, which require particular attention when preparing interim financial reporting at 30 June (including both the IFRS financial statements and the management report).
Standards and Interpretations applicable at 30 June 2022
Now that interim final reports are being finalised for 30 June 2021, we present an overview of the IASB’s most recent publications.
New IASB appointments
On 26 May 2022, the Trustees of the IFRS Foundation announced the appointment of Linda Mezon-Hutter and Robert Uhl as members of the IASB.