This newsletter describes the recent IASB proposal to amend IAS 12 Income Taxes. The exposure draft was developed in response to concerns in certain jurisdictions where application of this principle can be difficult or subjective. The exposure draft proposes an exception to IAS 12, which would require the measurement of deferred tax assets and deferred tax liabilities arising from certain assets on the presumption that the carrying amount of the asset will be recovered entirely through sale. The exception would apply to assets measured using the fair value model under IAS 40 or the revaluation model under IAS 16 and IAS 38.

Comments are due by 9 November 2010.

Click for:

• IFRS in Focus Newsletter – IASB issues Exposure Draft on Deferred Tax: Recovery of Underlying Assets (PDF 67k)
• Past editions of IFRS in Focus

 

The dates and places are as follows:

• Thursday 4 November in Norwalk, Connecticut, USA
• Monday 8 November in Kuala Lumpur, Malaysia
• Wednesday 10 November in London, UK
• Tuesday 23 November in Stanford, California, USA

More Information is available in the IASB's meeting diary.

The agenda for this meeting includes:

• Overview and key provisions of risk assessment standards
• Inspection observations regarding audits during the economic crisis
• Designing and implementing a system of quality control
• FASB/IASB projects and potential challenges to auditing
• Failure to supervise – potential rulemaking