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.
Update on Principles of Disclosure project
On 21 March, the IASB published a Project Summary on its Principles of Disclosure project, following up on the Disclosure Initiative – Principles of Disclosure Discussion Paper published in March 2017. The Project Summary explains how stakeholders’ feedback on the Discussion Paper will be taken into account.
IFRS IC agenda decisions
The IFRS IC has clarified its position on how quickly entities should implement its published agenda decisions.
Agenda decisions on accounting for an investment
In January 2019, the IFRS IC finalised two agenda decisions related to the accounting for an investment in a subsidiary in the entity’s separate financial statements. The first agenda decision looks at how to account for a partial disposal when the entity has elected to recognise its investment at cost in accordance with IAS 27, whilst the second agenda decision looks at the opposite fact pattern of a step acquisition.
Agenda decision on IAS 37
The IFRS IC agenda decision discusses a fact pattern in which an entity and a tax authority dispute whether the entity is required to pay a tax that is not within the scope of IAS 12 (liabilities, contingent liabilities and contingent assets relating to this tax thus fall within the scope of IAS 37).
Agenda decision on IFRS 15
This IFRS IC agenda decision relates to the approach used in practice to identify the performance obligations (POs) in a contract, based on a fact pattern in which a stock exchange charges two types of fee to a customer.