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.
Accounting for regulatory assets and liabilities
On 28 January 2021, the IASB published an exposure draft entitled Regulatory Assets and Regulatory Liabilities. Historically, certain business sectors - the energy sector, for example - have been subject to regulation by government or administrative authorities.
Supplementary IASB meeting on COVID-19-related rent concessions
The IASB announced a supplementary meeting on 4 February 2021 to discuss the IFRS 16 amendment on COVID-19-related rent concessions.
2021 – the year ahead
2021 opens with a relatively stable IFRS framework in which to prepare the consolidated financial statements for this financial year, given the limited number and scope of the standards coming into force on 1 January 2021.
Andreas Barckow appointed as IASB Chairman
On 12 November 2020, the IFRS Foundation announced the appointment of Andreas Barckow, who is currently the President of the Accounting Standards Committee of Germany (Deutsches Rechnungslegungs Standards Committee or DRSC), as Chair of the IASB. His term will commence in July 2021.
IASB adds Post-implementation Review
At its 18 November 2020 meeting, the IASB reached a number of decisions on the Post-implementation Reviews (PIRs) of IFRS 9 – Financial Instruments and IFRS 15 – Revenue from Contracts with Customers.