Income Tax

Date recorded:

Scope of the income tax project

The Board discussed the possible ways forward following the largely negative feedback from constituents on the Income Tax ED and following the discussion at the Joint Meeting with the FASB in October. The Board discussed possibilities of a more limited project that would target the most urgent issues.

The Board did not agree with the staff proposal to limit the work to uncertain tax positions. Several Board members encouraged the Board to broaden the scope of its work to include the most pressing issues - notably the issue of the tax effect of property revaluations that has been of concern in some jurisdictions (such as Hong Kong) for a considerable time. They argued that the revaluation issue was delayed for years due to the Income Tax project and that the Board should be responsive to needs of these jurisdictions.

The Board asked a small group of its members to investigate priority issues for a short-term project and consider possibilities for short-term convergence.

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