UKEB issues draft comment letter on IAS 12 and Pillar Two income taxes
28 Feb, 2023
The UK Endorsement Board (UKEB) has issued a draft comment letter on the exposure draft 'International Tax Reform — Pillar Two Model Rules (Proposed amendments to IAS 12)' the International Accounting Standards Board (IASB) published to respond to stakeholders’ concerns about the potential implications of the imminent implementation of the OECD pillar two model rules on the accounting for income taxes.
In the draft comment letter, the UKEB welcomes the exposure draft and supports its objectives, the accelerated timetable and the introduction of a mandatory temporary exception from accounting for deferred tax arising from the Pillar Two model rules. In addition, the letter also sets out some potential enhancements to the proposals which have been identified from analysis and outreach with stakeholders.
Comments on the draft comment letter are requested by 3 March 2023.
The draft comment letter and the invitation to comment are available on the UKEB website.
