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.

Draft narrow-scope amendments to IFRS 3

On 30 May, the IASB published an ED proposing limited amendments to IFRS 3 – Business combinations. The main aim of these amendments is to update the reference to the Conceptual Framework, referring to the 2018 text rather than the earlier 1989 version.

Read more

Improvements to IFRSs – 2018-2020 Cycle

On 21 May 2019, the IASB published its draft Improvements to IFRSs – 2018-2020 cycle (ED/2019/2). The amendments proposed by the IASB relate to the following standards and topics.

Read more

Application of the ‘highly probable’ criterion

IFRS 9 (and IAS 39) permit forecast transactions to be designated as hedged items on condition that they are deemed to be ‘highly probable’.

Read more

Physical settlement of contracts

Contracts to buy or sell non-financial items (such as commodities) are accounted for as IFRS 9 derivatives except when they are entered into and continue to be held for the purpose of the receipt, delivery or usage by the entity of a non-financial item (the ‘own-use scope exception’ defined in IFRS 9.2.4).

Read more

Decision on accounting for SaaS purchases

The IFRS IC has published an agenda decision on how a customer accounts for its right to access software hosted on the cloud (Software as a Service or SaaS). The request submitted to the IFRS IC specified that the software runs on cloud infrastructure managed and controlled by the supplier, the customer accesses the software as needed (over the internet or via a dedicated line), and the contract does not convey to the customer any right to the infrastructure (i.e. the tangible assets).

Read more