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.
Use of IFRS around the world
Use of IFRS as percentage of GDP is limited by two large jurisdictions that do not permit use of IFRS.
On 17 March 2016, the IFRS Foundation published its breakdown of the use of IFRS around the world, as a percentage of world Gross Domestic Product (GDP).
On 17 March 2016, the IFRS Foundation published its breakdown of the use of IFRS around the world, as a percentage of world Gross Domestic Product (GDP).
IFRS IC clarifies treatment of prepaid cards
The IFRS Interpretations Committee (IFRS IC) received a query regarding how an entity should classify a liability arising from the sale of a “prepaid card” that represents a monetary amount to the cardholder and can be redeemed in exchange for goods or services from a list of specified third-party merchants.
IFRS April 2016 update
The IASB has published amendments to IFRS 15 – Revenue from Contracts with Customers, which will have the same effective date as the standard itself, i.e. 1 January 2015. They emerge from the discussions of the Transition Research Group (TRG), which was set up jointly by the IASB and FASB to work on issues relating to implementation of the standard.
IFRS 15: Stabilised standard on revenue recognition
In January 2016, the IASB completed its redeliberations of the clarifications required by IFRS 15 on revenue recognition. The transitional arrangements for the amendments that will be published in March 2016 have therefore been agreed upon.
IASB publishes limited amendments to IAS 12
On 19 January 2016, the IASB issued amendments to IAS 12 - Income taxes entitled Recognition of Deferred Tax Assets for Unrealised Losses.