The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend IAS 12 Income Taxes.
The purpose of the project is to respond to stakeholders’ concerns about the potential implications of the imminent implementation of the Organisation for Economic Co-operation and Development’s (OECD) Pillar Two model rules on the accounting for income taxes. The project proposes amendments to introduce a temporary exception from accounting for deferred taxes arising from the implementation of these rules, as well as targeted disclosures for affected entities.
Refer to the IASB International Tax Reform – Pillar Two Model Rules project page for more information.