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.
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.
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.