Heads Up on IASB's income tax exposure draft
14 Apr 2009
On 31 March 2009, the IASB issued exposure draft ED/2009/2 Income Tax containing proposals for an International Financial Reporting Standard on income tax that would replace the current guidance under IAS 12 Income Taxes and its related Interpretations.
The ED seeks to clarify certain aspects of IAS 12 and reduce the income tax accounting differences between IFRSs and US GAAP. The comment deadline is 31 July 2009, with a final standard expected in 2010. Deloitte (United States) has published a Heads Up Newsletter (PDF 98k) highlighting the significant changes proposed for income tax accounting under IFRSs and comparing the proposals with existing practice under US GAAP.
