UKEB adopts amendments to IAS 12 to provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes
20 Jul, 2023
The UK Endorsement Board (UKEB) has adopted 'International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)' which was issued by the International Accounting Standards Board (IASB) in May 2023.
The Amendments introduce a temporary mandatory exception from accounting for deferred taxes arising from the Pillar Two model rules and a requirement to disclose that the exception has been applied, both of which are applicable immediately and retrospectively. They also introduce further targeted disclosure requirements, effective for annual reporting periods beginning on or after 1 January 2023. An entity is not required to make these disclosures for any interim period ending on or before 31 December 2023.
The Endorsement Criteria Assessment and Adoption Statement are available on the UKEB website.
The UKEB has also updated its adoption statement report which is available on its website here.
