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 taxonomy

On 17 March 2020, the IFRS Foundation published the IFRS Taxonomy 2020, which translates IFRSs into XBRL (eXtensible Business Reporting Language).

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Discussion paper on goodwill and impairment

On 19 March, the IASB published a discussion paper on goodwill and impairment. Comments may be submitted no later than 15 September 2020 (unless the date is pushed back because of the COVID-19 outbreak).

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IFRS IC clarifies the treatment of training costs incurred to fulfil a contract with a customer

In March 2020, the IFRS Interpretations Committee (IFRS IC) reached a final decision on the question of how to account for training costs incurred by an entity that are necessary to fulfil a performance obligation to a customer. These are costs incurred when the staff providing the service must first be trained, for example in specific technical aspects of customer equipment that will be used.

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Narrow-scope amendments to IFRS 16 to take account of COVID-19

On 27 April, the IASB published an Exposure Draft on IFRS 16 – Leases. The Exposure Draft aims to respond to the practical difficulties involved in accounting for rent concessions received or granted as a result of the COVID-19 crisis – an issue that affects many companies.

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Impact of the COVID-19 pandemic on IASB work plan

In light of the COVID-19 pandemic, the IASB held a supplementary meeting on 17 April, at which it approved the following measures.

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