Latest changes to IAS 12 are limited, but the future remains fluid.
Background to IAS 12
IAS 12 (Income Taxes) was first published in October 1996 and limited revisions were made in 1999 and 2000. Since then IAS 12 and its accompanying guidance have been amended by several other inter-related International Accounting Standards and International Financial Reporting Standards.
IAS 12 prescribes the accounting treatment for income taxes. The main issue it addresses is how to account for the current and future tax consequences of:
It also deals with recognition of deferred tax assets arising from unused tax losses or unused tax credits presentation of current and deferred income taxes in the financial statements and disclosure of information relating to income taxes.
Accounting for deferred tax on...
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Latest changes to IAS 12 are limited, but the future remains fluid.
Background to IAS 12
IAS 12 (Income Taxes) was first published in October 1996 and limited revisions were made in 1999 and 2000. Since then IAS 12 and its accompanying guidance have been amended by several other inter-related International Accounting Standards and International Financial Reporting Standards.
IAS 12 prescribes the accounting treatment for income taxes. The main issue it addresses is how to account for the current and future tax consequences of:
It also deals with recognition of deferred tax assets arising from unused tax losses or unused tax credits presentation of current and deferred income taxes in the financial statements and disclosure of information relating to income taxes.
Accounting for deferred tax on...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: