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.
Lease liability in a sale and leaseback: IASB publishes Exposure Draft
On 27 November 2020, the International Accounting Standards Board (IASB) published Exposure Draft ED/2020/4, entitled “Lease Liability in a Sale and Leaseback”, which aims to clarify how a seller-lessee should apply the requirements of IFRS 16 for subsequent measurement of leases arising from sale and leaseback transactions.
End of year reflection
While 2020 has required a lot of work on the accounting impacts of the public health crisis, it should also be noted that most companies are now done with the upheaval resulting from the implementation of new standards (although IFRS 16 remains an enforcement priority at 31 December 2020).
Discussion Paper on business combinations under common control
On 30 November 2020, the IASB published a Discussion Paper on Business Combinations under Common Control (BCUCC), focusing on mergers and acquisitions involving entities within the same group.
ESMA publishes recommendations for 2020 financial reporting
On 28 October, the European Securities and Markets Authority (‘ESMA’) published its recommendations for 2020 financial reporting on its website.
Global sustainability and the role of the IFRS
On 30 September 2020, aware of the heightened importance of sustainability reporting and the associated challenges, including comparability, the IFRS Foundation Trustees launched a public consultation on the need for global sustainability standards and the role that the Foundation might play in their development.