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 publishes agenda decision on player transfer payments
The IFRS Interpretations Committee (IFRS IC) received a request about the recognition in profit or loss of transfer payments received when a football club transfers a player under contract to another club.
Amendments to IFRS 17 and IFRS 4 published
On 25 June, the IASB published the final amendments to IFRS 17, which aim to simplify and clarify various aspects of the accounting for insurance and reinsurance contracts. One of the key amendments is that the mandatory effective date of IFRS 17 will be deferred by two years, to annual reporting periods commencing on or after 1 January 2023.
IFRS taxonomy
On 17 March 2020, the IFRS Foundation published the IFRS Taxonomy 2020, which translates IFRSs into XBRL (eXtensible Business Reporting Language).
Discussion paper on goodwill and impairment
On 19 March, the IASB published a discussion paper on goodwill and impairment. Comments may be submitted no later than 15 September 2020 (unless the date is pushed back because of the COVID-19 outbreak).
IFRS IC clarifies the treatment of training costs
In March 2020, the IFRS Interpretations Committee (IFRS IC) reached a final decision on the question of how to account for training costs incurred by an entity that are necessary to fulfil a performance obligation to a customer. These are costs incurred when the staff providing the service must first be trained, for example in specific technical aspects of customer equipment that will be used.