IFRS

You will find here a series of summaries providing an overview of useful IFRS regulations, processes and IFRS issues for Doing Business in Thailand.

The Monitoring Board work plan

On 30 April 2018 the Monitoring Board, a body composed of market regulators in jurisdictions requiring or authorising the use of IFRSs and charged with oversight of the IFRS Foundation, published its 2018-2019 work plan.

Accounting for onerous contracts

In November 2017, the IFRS Interpretations Committee (IFRS IC) decided to add a narrow-scope standard-setting project to its agenda, with the objective of clarifying the meaning of the term “unavoidable costs” in the definition of an onerous contract in IAS 37 – Provisions, Contingent Liabilities and Contingent Assets.

The new Conceptual Framework is here!

On 29 March 2018, the IASB published its revised Conceptual Framework. As well as updating some concepts to reflect changes to the standards in recent years, such as the definitions of assets and liabilities, the revised version provides guidance on issues that were touched on only briefly or not at all in previous versions, notably measurement bases and the presentation of financial performance.

Share