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AcSB Exposure Draft – Income Taxes

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Sep 07, 2018

On September 7, 2018, the Accounting Standards Board (AcSB) issued an Exposure Draft that revises and updates Section 3465, "Income Taxes", to remove an outdated example and requires future income tax assets and liabilities to be presented as non-current. Stakeholders are encouraged to submit their comments by December 5, 2018.

The key features of the proposals are as follows:

  • ECP: The example that provides guidance on accounting for ECP would be removed.
  • Presentation: The requirement to classify future tax assets and liabilities as current and non-current, when the future income taxes method is applied, would be replaced by a non-current classification requirement.
  • Disclosure: A requirement would be added to disclose the amount of future income tax assets and liabilities for each significant type of temporary difference for each period presented.
  • Transition: Retrospective application of the amendments in Section 3465 would be required in accordance with Section 1506, Accounting Changes.

The proposed effective date is for fiscal years beginning on or after January 1, 2020.

Review the Exposure Draft on the AcSB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.