IAS 12 — Recovery of underlying assets


This project grew out of the IASB-FASB convergence project on income taxes, where the IASB issued ED/2009/2 Income Tax in March 2009. On the basis of the joint IASB-FASB discussion in October 2009, the IASB decided not finalise the proposals in the exposure draft, but instead undertake some limited scope amendments to IAS 12 Income Taxes.


Current status of the project

This project has been completed.  The IASB issued Deferred Tax: Recovery of Underlying Assets (Amendments to IAS 12) on 20 December 2010, which mends IAS 12 to provide a presumption that recovery of the carrying amount of an asset measured using the fair value model in IAS 40 Investment Property will, normally, be through sale..


Project milestones

October 2009 The IASB and FASB decided not to finalise the proposals in the IASB's proposals in ED/2009/2 (arising under the comprehensive income taxes project), instead opting for limited-scope amendments to IAS 12.
10 September 2010 Exposure Draft ED/2010/11 Deferred Tax: Recovery of Underlying Assets (Proposed amendments to IAS 12) published Comment deadline 9 November 2010
20 December 2010 Deferred Tax: Recovery of Underlying Assets (Amendments to IAS 12) published Applicable to annual periods beginning on or after 1 January 2012

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