Forvis Mazars in Thailand technical update - October 2024

Tax

• Revenue Department and Customs Department integrate data access to streamline tax administration

Legal

• Record of Processing Activities: A crucial document for personal data protection management

 Accounting

• Revenue recognition for drop shipping fulfilment operations

IFRS

• IASB redeliberates proposed amendments to IFRS 9 and IFRS 7 on contracts for renewable electricity
• IASB publishes exposure draft on the equity method (IAS 28)
• IASB begins research project on amortised cost measurement of financial instruments (IFRS 9)
• IASB begins research project on the statement of cash flows (IAS 7)
• IFRS 15 PiR: IASB work reaches a conclusion
• IFRS Foundation Trustees create strategic insights group

Sustainability

• International taskforce created to improve reporting on social matters
• Adoption of sustainability reporting standards in emerging markets and developing economies
• Voluntary adoption of ISSB standards – guidance for preparers
• Updates on jurisdictional adoption of sustainability reporting
• ISSB update – September 2024 meeting