At its meeting on November 18, 2020, the IASB discussed the effective date for the amendments to IAS 12, Income Taxes. The Board also discussed due process, including permission to begin the balloting process. The Board tentatively decided that entities should apply the amendments for annual periods beginning on or after January 1, 2023, with earlier application permitted. The Board agreed that the amendments do not require re-exposure. All of the Board members confirmed they were satisfied the Board has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the process for balloting the amendments. No Board member indicated an intention to dissent from the issuance of the amendments. The Board expects to issue the amendments in the second quarter of 2021.

Review the IASB Update and podcast on the Board's Web site.