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.
How should the concept of materiality be applied?
On 28 October last year, the IASB published a draft Practice Statement on the application of materiality to financial statements. The public consultation on the draft is open until 26 February 2016.
Foreign currency transactions
On 21 October 2015, the IFRS IC published a draft interpretation entitled Foreign Currency Transactions and Advance Consideration.
Uncertain tax positions
The IFRS IC has decided to draw up an interpretation on the accounting treatment of uncertainty over income taxes (as defined in IAS 12).
Application of materiality to financial statements
As part of its ‘Disclosure Initiative’, the IASB is seeking comments on its draft ‘Practice Statement’ on the application of materiality to financial statements. The Practice Statement was published on 28 October 2015.
Effective date of IFRS 16 tentatively set
At its October meeting, the IASB (tentatively) decided to set the effective date of the IFRS 16 – Leases standard at 1 January 2019.