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IASB amendments help with Pillar Two

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The International Accounting Standards Board (IASB) has issued amendments to IAS 12. The amendments give companies temporary relief from accounting for deferred taxes arising from the OECD Pillar Two reform. 

The measures will introduce:

  • a temporary exception to the accounting for deferred taxes arising from jurisdictions implementing the global tax rules: to help ensure consistency in the financial statements while easing into the implementation of the rules; and
  • targeted disclosure requirements: to help investors better understand a company’s exposure to income taxes arising from the reform, particularly before legislation implementing the rules is in effect.
Companies can benefit from the temporary exception immediately but are required to provide the disclosures to investors for annual reporting periods beginning on or after 1 January 2023.


Issue: 1620
Categories: News
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