European Union formally adopts amendments to IAS 12

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12 Aug, 2022

The European Union has published a Commission Regulation endorsing 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction' issued by the IASB in May 2021.

The IASB published the amendments to IAS 12 Income Taxes to clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations.

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 12 August 2022.

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