23. May 2023
The International Accounting Standards Board (IASB) has today issued amendments to IAS 12 Income Taxes. The amendments aim to provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two Model Rules published by the Organisation for Economic Co-operation and Development (OECD). The IASB is responding to stakeholders’ concerns about the potential implications of these rules for the accounting for income tax in financial statements.
The amendments will introduce:
The requirement that an entity applies the exemption and the requirement to disclose that it has applied the exemption shall be applied immediately upon issuance of the amendments and retrospectively in accordance with IAS 8. The remaining disclosure requirements shall be applied for annual reporting periods beginning on or after January 1, 2023.