By Paul Gambles, MBMG Group
On 26 January 2017, Thailand took a step towards compliance with the Common Reporting Standard, an international system for different tax authorities to exchange information. After several years of delay, the Kingdom joined the Global Forum on Transparency and Exchange of Information for Tax Purposes, becoming its 139th member.
By Dr Thomas Geiger, Munkert & Partner
In October 2018, the International Accounting Standards Board (IASB) issued amendments to IAS 1 and IAS 8 in the context of applying IFRS. The amendments clarify the definition of “material” and how it should be applied. More definition guidance is provided, and the accompanying explanations have been improved. Finally, the amendments ensure that the definition of “material” is consistent throughout all IFRS pronouncements. The changes are effective for periods beginning on or after January 2020, although earlier application is permitted.
By Tom Murray, Friel Stafford Chartered Accountants
Whilst many businesses started their preparation for the EU General Data Protection Regulation (GDPR) some time ago, many insolvency practitioners are now just starting to wake up to the implications caused by GDPR and are beginning to appreciate how they will have to change many of their protocols and procedures.