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.
Second meeting of the IFRS 17 TRG
The Transition Resource Group for IFRS 17 met for the second time on 2 May. Readers will recall that the purpose of this group is to seek feedback from its members, all experts in the insurance sector, on questions submitted by various stakeholders. Following these discussions, the IASB and the IFRS IC can decide to amend the standard or to issue an interpretation, respectively.
The Monitoring Board work plan
On 30 April 2018 the Monitoring Board, a body composed of market regulators in jurisdictions requiring or authorising the use of IFRSs and charged with oversight of the IFRS Foundation, published its 2018-2019 work plan.
Accounting for onerous contracts
In November 2017, the IFRS Interpretations Committee (IFRS IC) decided to add a narrow-scope standard-setting project to its agenda, with the objective of clarifying the meaning of the term “unavoidable costs” in the definition of an onerous contract in IAS 37 – Provisions, Contingent Liabilities and Contingent Assets.
IFRIC publishes important decisions on IFRS 15
In recent months, the IFRS Interpretations Committee has received three referrals on the application of IFRS 15 to specific fact patterns in the real estate development sector.
The new Conceptual Framework is here!
On 29 March 2018, the IASB published its revised Conceptual Framework. As well as updating some concepts to reflect changes to the standards in recent years, such as the definitions of assets and liabilities, the revised version provides guidance on issues that were touched on only briefly or not at all in previous versions, notably measurement bases and the presentation of financial performance.