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 Foundation launches ISSB

On 3 November, Erkki Liikanen, the Chair of the IFRS Foundation Trustees, announced the creation of the International Sustainability Standards Board (ISSB) in his speech at the COP26 climate change summit in Glasgow.

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IFRS Foundation appoints two new Trustees

On 29 November, the IFRS Foundation announced the appointment of two new Trustees: Jorge Familiar and Keiko Tashiro. It also announced the re-appointment for a second term of Erkki Liikanen, Chair of the Trustees, as well as Trustees Sarah J Al Suhaimi and Dr Suresh P Kana.

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Proposed narrow-scope amendment to IAS 1

On 19 November, the IASB published an ED, available here, of amendments to IAS 1 on the classification of liabilities with specified conditions (covenants) as current or non-current.

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ED of disclosures on supplier finance arrangements

On 26 November, the IASB published an Exposure Draft (ED), available here, which aims to address investors’ information needs regarding supplier finance arrangements, such as reverse factoring and similar arrangements.

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Primary Financial Statements project

At its December meeting, the IASB continued its redeliberations on the Primary Financial Statements project. It is already two years since the publication of the General Presentation and Disclosures Exposure Draft, and one year since the Board began its redeliberations on this major project. Eventually, IAS 1 – Presentation of Financial Statements will be replaced by a new IFRS standard, while narrower-scope amendments will be made to IAS 7 – Statement of Cash Flows.

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