IAS Plus newsletter – income tax exposure draft

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06 May 2009

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – Changes Proposed for Income Tax Accounting discussing the IASB's Exposure Draft Income Tax published on 31 March 2009. The ED proposes to replace IAS 12 Income Taxes with a new standard.

The proposed standard (set out in ED/2009/2 Income Tax) retains the basic IAS 12 approach to accounting for income tax, known as the temporary difference approach. However, the IASB proposes to remove most of the exceptions in IAS 12, to simplify the accounting and strengthen the principle in the standard. In addition, the IASB proposes a changed structure for the standard that will make it easier to use. Comments on the exposure draft are due by 31 July 2009. The proposal also more closely aligns international standards with FASB Statement 109 Accounting for Income Taxes.
Click to view IAS Plus Update Newsletter – Changes Proposed for Income Tax Accounting (PDF 102k).
Past issues of all IAS Plus newsletters are Here.

 

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