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.
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.
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).