Start date:
End date:
Location: Remote meeting
On April 14, 2023, the International Accounting Standards Board (IASB) issued an Update summary of the discussions and decisions with respect to the topics addressed at this meeting.
The topics for discussion were:
Maintenance and consistent application
Review the IASB Update on the Board's Web site.
At its supplementary meeting on April 11, 2023, the IASB met to consider feedback on its Exposure Draft and to decide how to proceed with the project. The IASB discussed its proposals to introduce a temporary exception to the requirements in IAS 12 for an entity to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The IASB tentatively decided to finalise its proposals: (i) to introduce the temporary exception; (ii) to make the temporary exception mandatory; and (iii) not to specify how long the temporary exception will be in place. The IASB also made tentative conclusions to require an entity to disclose specific information to users of financial statements before and after the Pillar Two model rules are in effect. With respect to transition and effective date, the IASB tentatively decided to finalise the proposal to require an entity to apply the temporary exception—and to disclose that it has applied the exception—immediately upon issue of the amendments and retrospectively in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The IASB decided to finalise the amendments without re-exposure and expects to issue the amendments to IAS 12 in the second half of May 2023.
At its supplementary meeting on April 11, 2023, the IASB met to consider feedback on its Exposure Draft and to decide how to proceed with the project. The IASB discussed its proposals to introduce a temporary exception to the requirements in IAS 12 for an entity to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The IASB tentatively decided to finalise its proposals: (i) to introduce the temporary exception; (ii) to make the temporary exception mandatory; and (iii) not to specify how long the temporary exception will be in place. The IASB also made tentative conclusions to require an entity to disclose specific information to users of financial statements before and after the Pillar Two model rules are in effect. With respect to transition and effective date, the IASB tentatively decided to finalise the proposal to require an entity to apply the temporary exception—and to disclose that it has applied the exception—immediately upon issue of the amendments and retrospectively in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The IASB decided to finalise the amendments without re-exposure and expects to issue the amendments to IAS 12 in the second half of May 2023.
Review the IASB Update on the Board's Web site.